Black Opal Group Secures $3 Million for Prop Fintech Venture Expansion

• ByStartupStory     |    January 30, 2024

Asset management firm Black Opal Group has successfully secured $3 million (approximately INR 25 crore) in growth capital from investors, including SBI and HDFC Banks. The funds are earmarked for expanding services and the team of JustHomz, the B2B2C prop fintech platform established by Black Opal Group last year (source).

Founded by Prasoon Chauhan and Ishan Agarwal in 2020, Black Opal Group specializes in the real estate sector, operating through its asset management vertical and an RBI-registered NBFC, JustHomz.com. Prasoon Chauhan emphasizes the company’s focus on enhancing the home-buying experience through customer privacy, a user-friendly map interface, property document accessibility, and the introduction of a scoring algorithm named Just Scorz. 

The JustHomz app evaluates properties based on technical parameters, providing a comprehensive project assessment. It integrates financing products such as home equity, renovation financing, and early brokerage services. Currently operational in the NCR region, the app has garnered 5,000+ customers, 250 verified channel partners, and 240 verified projects (source).

Over the next 3-6 months, Black Opal Group aims to onboard over 100,000 customers and achieve $3-5 million in loan disbursements through the app (source).

Prasoon Chauhan emphasizes the need for a solid integrated ecosystem, describing it as a one-stop platform for every Indian aspiring to purchase their dream home (source).

Black Opal Group reports impressive financial figures, with revenue exceeding $4.5 million and a profit after taxes of $1.75 million. The company has facilitated transactions surpassing $200 million in real estate projects, benefiting 1,500 home buyers and distributing $6 million through the NBFC.

The Indian proptech space is witnessing substantial growth, fueled by increasing internet penetration and smartphone accessibility. Lendingtech startups, like Fixerra and Vivifi India Finance, have raised significant capital, with the Indian lendingtech market projected to reach $1.3 trillion by 2030, exhibiting a 22% CAGR. 

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