Blox to Acquire Justo Stake for Rs 3.50 Bn

17 Oct 2023 CW Team

The significance of this acquisition is magnified against the backdrop of the increasing synergy between India's real estate and the burgeoning proptech sector, which has fundamentally changed the dynamics of property transactions.

Both Blox and Justo presently have annual mandate businesses of approximately Rs 35 billion each. This strategic acquisition is expected to reinforce Blox's standing as one of the leading proptech companies in India, boasting a consolidated Gross Merchandise Value (GMV) of around Rs 80 billion across its diverse business segments. Blox will secure a majority stake in Justo through this acquisition, allowing Justo's brokers and developer partners to tap into Blox's cutting-edge artificial intelligence (AI) sales and marketing technology.

Justo is a platform that connects real estate developers with home buyers and has successfully facilitated transactions across more than 80 real estate projects, involving over 4.2 million square feet of property.

Blox, founded in 2020, is a fully integrated online real estate service that aims to streamline the home-buying experience for customers. It provides swift site visits, along with transparency and convenience throughout the comprehensive home-buying journey. Each homebuyer is assigned a relationship manager who assists with virtual and physical site visits across the city.

In May of the previous year, Blox acquired Plinthstone REMA, a property sales and marketing company, for $1.5 million, which was incorporated into its portfolio under the name "Blox Exclusive." In December, Blox secured $12 million in a series A funding round, the largest in India's proptech sector. The funding was backed by existing investors from Silicon Valley, new strategic investors, and notable angels, including Kunal Shah, founder of CRED.

Although the proptech sector in India is still in its nascent stage, industry experts believe it has significant potential for growth and development. Despite experiencing a 48% surge in the number of proptech startups in the country following the pandemic, they still account for only 6% of the total recognised startups in India. Out of approximately 65 unicorns created in India in the past year, only a handful belong to the proptech sector.

Proptech's steady growth in India over the last couple of years, propelled by the digital acceleration caused by the COVID-19 pandemic, has been instrumental in enhancing transparency and providing access to data related to transactions in a sector that has traditionally been opaque.

Blox, a proptech company powered by artificial intelligence, is on the verge of acquiring a controlling stake in Justo, a mandate brokerage firm with a strong presence in Maharashtra, India. The deal is valued at Rs 3.5 billion and is set to be finalised with a combination of cash and stock, according to insiders familiar with the matter. The significance of this acquisition is magnified against the backdrop of the increasing synergy between India's real estate and the burgeoning proptech sector, which has fundamentally changed the dynamics of property transactions. Both Blox and Justo presently have annual mandate businesses of approximately Rs 35 billion each. This strategic acquisition is expected to reinforce Blox's standing as one of the leading proptech companies in India, boasting a consolidated Gross Merchandise Value (GMV) of around Rs 80 billion across its diverse business segments. Blox will secure a majority stake in Justo through this acquisition, allowing Justo's brokers and developer partners to tap into Blox's cutting-edge artificial intelligence (AI) sales and marketing technology. Justo is a platform that connects real estate developers with home buyers and has successfully facilitated transactions across more than 80 real estate projects, involving over 4.2 million square feet of property. Blox, founded in 2020, is a fully integrated online real estate service that aims to streamline the home-buying experience for customers. It provides swift site visits, along with transparency and convenience throughout the comprehensive home-buying journey. Each homebuyer is assigned a relationship manager who assists with virtual and physical site visits across the city. In May of the previous year, Blox acquired Plinthstone REMA, a property sales and marketing company, for $1.5 million, which was incorporated into its portfolio under the name Blox Exclusive. In December, Blox secured $12 million in a series A funding round, the largest in India's proptech sector. The funding was backed by existing investors from Silicon Valley, new strategic investors, and notable angels, including Kunal Shah, founder of CRED. Although the proptech sector in India is still in its nascent stage, industry experts believe it has significant potential for growth and development. Despite experiencing a 48% surge in the number of proptech startups in the country following the pandemic, they still account for only 6% of the total recognised startups in India. Out of approximately 65 unicorns created in India in the past year, only a handful belong to the proptech sector. Proptech's steady growth in India over the last couple of years, propelled by the digital acceleration caused by the COVID-19 pandemic, has been instrumental in enhancing transparency and providing access to data related to transactions in a sector that has traditionally been opaque.

Infrastructure Urban

10 Mar 2026

ABB to Invest Rs 6.25 Billion to Expand India Manufacturing

ABB recently announced plans to invest approximately Rs 6.25 billion ($75 million) in India during 2026 to expand its manufacturing footprint and research and development capabilities. The investment follows more than $35 million spent in 2025 and reflects the company’s continued focus on strengthening its ‘local-for-local’ strategy in the country.The investment will support ABB’s Electrification, Motion and Automation businesses and expand manufacturing capacity for infrastructure sectors such as renewable energy, metro rail, data centres and industrial applications. Approximately 300..

Equipment

10 Mar 2026

Six WOLFF Cranes Handle 60,000 m³ Concrete for German Hospital

Six WOLFF tower cranes are playing a key role in constructing a new hospital complex in Memmingen, Germany, supporting large-scale material handling for the project. The facility is being built on a 7.7-hectare site and will feature six floors, around 480 beds and a gross floor area exceeding 75,000 sq m.Building shell works began recently in February 2025. One WOLFF 6531.12 Cross crane supported early site preparation before being dismantled in autumn 2025, while five remaining cranes continue operations. Over an average deployment period of 16 months, the cranes are expected to move approxim..

Equipment

10 Mar 2026

REC Funds Rs 115.6 Million CSR Support for Bihar Eye Hospital

REC recently committed Rs 115.6 million under its Corporate Social Responsibility (CSR) programme for the procurement of clinical and non-clinical equipment at Sankara Eye Hospital in Saharsa, Bihar. The initiative aims to strengthen healthcare infrastructure and improve access to specialised eye care services in the region.A Memorandum of Agreement (MoA) was recently signed between Pradeep Fellows, Executive Director (CSR), REC Limited, and Wg Cdr V. Shankar (Retd), Trustee and Executive Director of Sankara Eye Hospital, at the REC office in the SCOPE Complex, New Delhi.The support is expecte..