Blox, Property tech Startup, Buys 11% Stakes In Guardians by Paying $12 Mn

Blox, a proptech startup backed by Kunal Shah, has purchased an 11% share in Mumbai-based real estate advisory Guardians for $12 million. The startup intends to expand its ownership in Guardians to 50% during the following three years.

Blox, a proptech platform, was founded in 2020. It claims that its fully integrated online real estate service helps customers streamline the home-buying process. It last secured $12 million in Series A funding from Silicon Valley in 2022.

Meanwhile, Guardians, launched in 2016, is a real estate consultancy organization that provides a variety of services including property advice, land development, marketing, and residential solutions.

Blox stated that the move is part of its plans to increase its gross transaction value (GTV) by fivefold to $10 billion over the next three to five 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,” stated Aditya Jhaveri, founder and CEO of Blox.

Related: Property Tech Startup HouseEazy Secures $4 Mn in Series A Round

Blox claims to have raised $35 million in funding from investors including CRED’s Kunal Shah and Tinder cofounder Justin Mateen to date.

Blox stated that the share acquisition will allow it to increase its distribution capabilities.

Guardians claims to have sold 23,000 units to date and has an inventory of 7,000 apartments to sell within the next three years. It has also established agreements with 86 developers and a network of 18,168 channel partners.

Blox stated that integrating its AI-powered property recommendation with Guardians’ extensive broker network will allow it to separate its real estate development and management assets.

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

The development comes at a time when the proptech market is becoming more competitive as investor interest grows. JUSTO Realfintech raised $7 million from Arbour Investments in September of this year, while HouseEazy received $7 million in its Series A fundraising round led by Chiratae Ventures in August.

Jugyah raised $1.5 million in seed fundraising in July, with White Venture Capital, QED Investors, and Godrej Properties co-leading the round.