Black Opal Group, addressing challenges in the real estate sector, has raised $3 million in a funding round led by SBI and HDFC Bank. The funding will support the enhancement of services and the expansion of JustHomz.com, India’s first prop-fintech B2B2C platform.
Real Estate Challenges Addressed:
- Black Opal Group, founded in 2020, focuses on resolving issues in the real estate sector, including privacy concerns, unverified data, and a lack of tailored financing products.
- The company operates through its Asset Management vertical, an RBI-registered NBFC, and the integrated technology platform JustHomz.com.
Features of JustHomz.com:
- JustHomz.com, launched in 2023, improves the home buying experience with a tech-enabled platform.
- Key features include prioritizing customer privacy, a user-friendly map interface, easy access to property documents, and a unique scoring algorithm called Just Scorz.
- The platform evaluates properties on 85+ technical parameters and integrates multiple financing products.
Achievements and Targets:
- JustHomz, currently operational in the NCR region, claims over 5000 customers, 250+ verified channel partners, and 240+ verified projects.
- The platform aims to onboard over 100,000 customers and achieve $3-5 million in loan disbursements in the next 3-6 months.
CEO’s Perspective:
- Prasoon Chauhan, Founder and CEO, emphasized the need for an integrated ecosystem—a one-stop platform for Indians aspiring to buy a home. The goal is to provide information, customizable capital solutions, and a seamless buying and selling experience.
Financial Metrics:
- Black Opal Group reported over $4.5 million in revenue and $1.75 million in profit after taxes (PAT) so far.
- The platform has processed transactions worth over $200 million in real estate projects, benefiting 1500 home buyers and distributing $6 million from the NBFC.
Conclusion: The funding secured by Black Opal Group underscores the significance of addressing challenges in the real estate sector and enhancing the home buying experience. JustHomz.com’s integrated approach, combining technology and financing solutions, positions it as a comprehensive platform for individuals looking to navigate the real estate market with greater ease.