Proptech

Blox Acquires 11% Stake in Real Estate Advisory Firm Guardians for $12 Mn

• ByStartupStory     |    November 14, 2024

Kunal Shah-backed proptech startup Blox has acquired an 11% stake in Mumbai-based real estate advisory company Guardians for $12 million. As part of a broader growth strategy, Blox has expressed intentions to raise its stake in Guardians to 50% within the next three years. The acquisition aims to boost Blox’s gross transaction value (GTV) by fivefold, with the company setting an ambitious target of reaching $10 billion in GTV over the next 3-5 years.

“By integrating Guardians, we’re not only enhancing the homebuying process but also establishing India’s first platform capable of supporting both D2C and broker-led B2B2C sales,” said Aditya Jhaveri, CEO and founder of Blox.

Launched in 2020, Blox is a proptech platform designed to streamline the homebuying process through its fully integrated online real estate service. The startup has raised $35 million in funding to date from investors, including CRED’s Kunal Shah and Tinder co-founder Justin Mateen. Blox’s last funding round, a Series A, took place in 2022, raising $12 million from Silicon Valley-based investors.

For Guardians, which was founded in 2016, the partnership brings additional scale and technological enhancements to its existing real estate advisory services, which include property advising, land development, marketing, and residential services. The advisory firm claims to have facilitated the sale of 23,000 units to date and currently holds an inventory of 7,000 apartments set to be sold within the next three years. Guardians has also built a robust network, partnering with 86 developers and connecting with 18,168 channel partners.

Blox sees the acquisition as an opportunity to expand its distribution capabilities and strengthen its technology-driven approach to real estate. By integrating its AI-powered property recommendation engine with Guardians’ broker network, Blox aims to create a dedicated platform for real estate development and management.

“By combining Guardians’ market expertise and with Blox’s technology, we’re setting a new benchmark for transparency, efficiency, and service,” said Jayesh Rathod, director of Guardians.

This partnership arrives as competition in the Indian proptech sector intensifies, with notable funding rounds in recent months. In September, JUSTO Realfintech raised $7 million from Arbour Investments, while HouseEazy secured $7 million in Series A funding from Chiratae Ventures in August. Similarly, in July, Jugyah raised $1.5 million in a seed funding round led by White Venture Capital, QED Investors, and Godrej Properties.

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