Technology-based real estate buying platform Blox has raised $12 million or nearly Rs 100 crore in a series A funding round - the largest in the proptech sector in India. This funding round was backed by its existing investors from Silicon Valley, new strategic investors and angels including Kunal Shah, founder of CRED. The company is planning to utilize the funds raised for market expansion, boosting the product portfolio, and building data infrastructure across customers, brokers, and developer segments.

Blox is a fully integrated online real-estate service that allows customers to make their home-buying experience as seamless as possible. It provides instantaneous site visits along with complete transparency and convenience through its comprehensive home-buying experience. It assigns a relationship manager to every homebuyer to assist with virtual and physical site visits across the city.

“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.

According to him, the Indian real estate sector has massive untapped potential and the company is happy to be at the forefront of this growth opportunity. This round of funding bolsters the company’s position as a market leader and provides impetus to its customer-driven approach. In May, Blox acquired property sales and marketing company Plinthstone REMA for $1.5 million and was added as an extension of its portfolio to be known as Blox Exclusive.

To sustain and further develop their capabilities, this round of funding will help in enhancing the product development frameworks and streamline technologies to build a superior customer experience. It will also be utilized to expand Blox’s presence through market expansion and penetration, allowing the company to service more developers and create a higher property density for customers to view more projects that are being serviced actively by the company.

Started in 2020, Blox is India’s first technology-based and consumer-centric real estate buying platform that allows users to buy a home in less than 7 clicks. While proptech in India is still in its nascent stage, the scope for growth and development is high. The number of proptech start-ups in India have increased 48% post the pandemic but still account for only 6% of the total recognized startups in the country. Out of the around 65 unicorns created in India over the last year only few were in the proptech sector.

The real estate sector in India will likely reach $1 trillion in market size by 2030 from $200 billion in 2021 and contribute around 13% of India’s GDP by 2030, shows industry estimates. The Indian proptech sector that saw investments of $741 million in 2021 are is likely to witness exponential growth over the next few years.