Online real estate marketplace Blox on Friday said it has secured Series A funding of $12 million (around Rs 102 crore) from a clutch of existing Silicon Valley investors as well as new investors and angels including fintech unicorn Cred’s founder Kunal Shah.
The startup, operated by Method and Madness Technology Pvt. Ltd, plans to deploy the fresh proceeds for market expansion, boosting product portfolio and building its data infrastructure.
Founded in 2020, Blox allows buyers to browse and compare verified inventory, directly listed by developers. Then, after shortlisting a property, customers can visit the place, finalize, and complete other mandatory processes digitally, including paperwork, stamp duty payments, loan assistance, and registration.
“The funding reaffirms investors’ faith in our vision to disrupt the $100 billion real estate market. Blox was conceptualized with the aim to democratize real estate by keeping customers at the centre of the equation,” said Aditya Jhaveri, founder and chief executive at Blox.
Investments in the proptech firms are expected to cross $1 billion in 2025, 2x from the 2020 level, according to the 'Real Estate 3.0: Technology-led growth' report by CII and Colliers. In a bid to cash in on the opportunities, investors are making big bets on proptech startups in the country.
For instance, Housing.com’s founder Rahul Yadav-led proptech startup Broker Network raised Rs 90 crore from its existing and only backer Info Edge last week. Similarly, in July, Proptech platform Homexchange raised $4 million from HDFC Capital, Oberoi Realty and Anarock Group.
Other proptech startups which have raised funds in 2022 are Settlin, Gruhas, PropShare, BuildNext, Ivy Homes, HouseEazy, and PropReturns, among others.