Proptech Startup Blox Bags $12 Mn From CRED’s Kunal Shah, Others
Proptech startup Blox has raised $12 Mn In a Series A funding round from its existing investors from Silicon Valley and new strategic and angel investors, including CRED’s founder Kunal Shah. The Mumbai-based startup plans to use the funds to expand its market, boost its product portfolio, and build data infrastructure across customers, brokers, and developer segments, the Economic Times said in a report.
“We are stoked to receive this round of funding from our existing Silicon Valley investors, new strategic investors, and angels, along with Kunal Shah. It reaffirms their faith in our vision to lead India’s property technology transformation and disrupt the $100 billion real estate market. Blox was conceptualized with the aim to democratize real estate by keeping customers at the center of the equation and making real estate purchases joyful again, by delivering the end-to-end purchase process,” said Blox Founder and CEO, Aditya Jhaveri.
Blox is a technology-based real estate buying platform that lets users buy a home in less than 7 clicks. It claims to offer a seamless home-buying experience. The platform also assigns a relationship manager to every homebuyer. The relationship manager assists with virtual and physical site visits.
Blox was founded in 2020. The company also acquired Plinthstone REMA for $1.5 million back in May this year.
The real estate market in India is expected to reach $1 trillion in market size by 2030 and will contribute around 13% of India’s GDP. So, the sector has potential for proptech companies. India also saw a 48% increase in proptech start-ups post the pandemic but not many have created any impact. This $12 million funding by Blox is also said to be the largest in the proptech sector in India.
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