Proptech or property technology refers to the tools and digitalization being integrated into the real estate sector. Proptech is the concept where specific digital tools are used to drive buying, selling, researching and managing decisions within the real estate industry.
Some of the leading proptech solutions include technologies such as AI, big data, VR, machine learning, IoT, blockchain, 5G and AR. Today, these tech solutions enable many real estate processes, including planning & designing, development & construction, buying & selling and managing & operations.
Seeing the opportunity and the untapped market, Blox, India’s first consumer-centric prop-tech platform, brought a revolution to enhance decision-making for home buyers. At first, Blox might seem like a search & discovery platform, but it is much more than that!
Real estate is a very deep-rooted industry, and plucking it out to plant it again with embedded tech solutions was very challenging. In this post, let’s discuss how Blox has surpassed the obstacles and leveraged technology to be the market-leading expert in the prop tech industry.
Blox Changed the Idea of Search & Discovery in the Real Estate Arena!
In Realty + Proptech discussion at IMEX Conclave & Excellence Awards 2023, the Founder and CEO of Blox, Aditya Jhaveri, said there are many search & discovery platforms in the real estate arena. But they fail to scale because they are underutilizing their potential!
He says the prime sources of earning revenue for those usual search & discovery platforms are through selling ads or leads. Due to the restrictive idea, they are primarily unable to click big transactions, depriving them of earning big revenue.
Unlike the usual search & discovery platforms, Blox entered the real estate industry with a changed idea. Aditya says he didn’t want Blox to be a usual search-only platform. He wanted to introduce a single connection point for all involved parties within a real estate transaction.
Hence, Blox offers multi-stakeholder usability based on a single transaction. It means that when a home buyer shows interest in a property or books a site visit, the broker, developer, and the other involved parties will get the notification.
To help you better understand this, you can take the example of online food delivery services. When placing an order from a particular restaurant, the notification is shared with the restaurant and the delivery driver. Hence, it is one transaction for all!
You don’t have to see and choose the food item from an application, then obtain the restaurant's contact number and make a phone call to book the order. You do it all through the unified single-transaction-based platform.
Hence, Blox has brought the same initiative to the real estate sector. It is a new, innovative and upscaling proptech idea. Thus, Blox doesn’t just have a first-mover advantage but has a long-run profitability scope in this sector. Thus, the company is leading the market!
Blox Strives to Create Massive Ecosystem with Unparalleled Consumer Focus
In pursuit of becoming the market leader, Blox intends to build a strong ecosystem within the real estate sector. By offering proptech solutions with the utmost consumer focus, all developers associated with Blox are automatically part of digitization.
Blox is creating a two-sided marketplace to try and fix the supply. It means Blox is promoting its platform to bring in buyers and sellers/brokers/developers to exchange the property as a product/service.
With more than 1200-1300 projects from over 800 developers listed over the platform, Blox is leading the proptech industry in India. To stimulate and maintain growth, Blox is currently targeting only tier-1 cities, especially Mumbai.
There’s still time for this proptech leader of India to access the real estate opportunities of tier 2 and tier 3 cities.
The Turn Around Point for Blox to Become a Market Leader in Proptech Industry
When no one in India was sure about the success of proptech solutions, Blox came up with this innovative idea to hit the untapped market. While Blox continued to scale its business purpose through positive conversions, it acquired Plinthstone REMA for around $1.5 million.
Blox was doing around 15 to 20 transactions in a month before it acquired Plinthstone in April 2022. But, Aditya believes that this decision has helped the company boom and set an example that the proptech industry can grow and sustain itself in India.
From 15 to 20 monthly transactions in 2022, Blox is now recording approximately 400 to 500 monthly transactions as of March 2023. And this growth is reported within just 12 months of acquiring Plinthstone.
It happened because Plinthstone gave its best manpower and specialist sales managers to help Blox lead the industry. In operational terms, Blox has recorded a scalability of 25x in just 12 months.
Furthermore, Blox also raised a whopping $12 million in a Series A funding round in December 2022. The funding was raised from one of the current investors, Silicon Valley, and a new angel investor, Kunal Shah, Founder of CRED.
Blox stated they would use this fund to further enhance the technologies used over their platform and improve the product development frameworks. Apart from that, Blox will also be using this fund to expand its business exposure and penetration.
Hence, they are and will continue to be the leading experts in the proptech industry, and there’s no doubt about it!
Parting Words
Hence, this is a brief insight into how Blox has taken over the proptech industry and is leveraging its potential to regulate real estate transactions. The track record for the proptech startup has been exceptional, and the future is quite streamlined as well.
Blox intends to build the best customer experience in the world by blending real estate with the concept of eCommerce transactions. And this is how their proptech solutions will continue stepping up the ladder!
