Digital real estate brokerage firm Blox has announced that it has acquired an 11 percent stake in peer firm The Guardians Real Estate Advisory for $12 million to create what it called the country's largest realty platform.
As part of the deal, Blox founder Aditya Jhaveri will join the board of Guardians, according to a release, with Blox planning to raise its stake to 50 percent over the next three years.
Blox and Guardians said that the synergies between the two companies will combine Blox's direct-to-consumer approach with Guardians' extensive network of channel partners and list of clients, including many listed and large developers.
Blox, founded in 2020, has been backed to the tune of around $35 million by investors such as Kunal Shah, the founder of fintech firm CRED, as well as Justin Mateen, co-founder of the dating app Tinder. The release added that Blox is aiming to grow its gross transaction value (GTV) to around $10 billion, helped by strategic investments such as the one in Guardians.
"By merging Blox’s AI-powered platform with Guardians’ extensive broker network and developer relationships, the deal is set to transform how homebuyers, brokers, and developers interact. This partnership leverages both the companies' strengths to provide unparalleled market access, enhance efficiency, and set new standards for real estate transactions," said Aditya Jhaveri, founder of Blox, in response to questions sent by Moneycontrol.
Mumbai-based Guardians counts more than 80 developers in the Mumbai metropolitan region and elsewhere as clients, and has more than 18,000 channel partners. Jhaveri said that significant client overlaps between Guardians and Blox will help optimise sales channels for projects through both digital and broker-led methods.
"Our partnership with Blox is set to reshape the real estate market in India. 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 The Guardians Real Estate Advisory.
Beyond the investment in Guardians to consolidate its position in Mumbai, Jhaveri said that the company is looking to access markets beyond Mumbai as well, with a technology-first approach. While it remains open to further investment opportunities, Jhaveri added that its focus is on building up its capabilities, and is not "actively" seeking to acquire players in the space.
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