Asset management firm Black Opal Group has successfully raised $3 million (approximately INR 25 crore) in growth capital from various investors, including SBI and HDFC Banks, among others. The company intends to utilize the fresh funding to expand the services and team of JustHomz, a B2B2C prop fintech platform that it established last year.
Founded by Prasoon Chauhan and Ishan Agarwal in 2020, Black Opal Group specializes in the real estate sector. It operates through its asset management vertical and an RBI-registered NBFC, JustHomz.com. The platform is dedicated to enhancing the home-buying experience by prioritizing customer privacy, providing a user-friendly map interface, facilitating easy access to property documents, and introducing a scoring algorithm known as Just Scorz.
The JustHomz app assesses properties based on technical parameters, offering a comprehensive project evaluation. Additionally, it integrates financing products, including home equity, renovation financing, and early brokerage services. Currently, the app is operational in the NCR region and has already attracted over 5,000 customers, 250 verified channel partners, and 240 verified projects.
Over the next 3-6 months, Black Opal Group aims to onboard more than 100,000 customers and achieve $3-5 million in loan disbursements through the app.
Prasoon Chauhan expressed the need for a solid integrated ecosystem, describing it as a one-stop platform for every Indian aspiring to purchase their dream home.
Black Opal Group reports impressive financial figures, having generated over $4.5 million in revenue and earned $1.75 million in profit after taxes. The company has facilitated transactions exceeding $200 million in real estate projects, benefiting 1,500 home buyers and distributing $6 million through the NBFC.
The Indian proptech space has been witnessing substantial growth, with various startups securing funding to advance innovative and tech-oriented solutions. This expansion is driven by increasing internet penetration and smartphone accessibility in India.
Lendingtech startups have also been raising significant capital. For instance, Fixerra raised INR 14 crore ($1.68 million) in seed funding, while Hyderabad-based NBFC Vivifi India Finance secured $75 million through a Series B funding round. The lendingtech market in India is projected to reach $1.3 trillion by 2030, exhibiting a 22% CAGR, according to Inc42's State Of Indian Fintech Report.