Black Opal Group addressing real estate challenges raises $3M led by SBI, HDFC Bank, others

Black Opal Group has raised $3 million in a funding round led by SBI and HDFC Bank, with participation from other investors.

The raised capital will be used for enhancing services and expanding the team of JustHomz.com, India's first prop-fintech B2B2C platform, launched in 2023, as per the company's statement.

Addressing real estate challenges

Founded in 2020 by Prasoon Chauhan, Black Opal Group is addressing challenges in the real estate sector, such as privacy issues, unverified data, and a lack of tailored financing products.

It operates through its Asset Management vertical, an RBI-registered NBFC, and the integrated technology platform JustHomz.com.

Improving home buying experience 

The tech-enabled platform focuses on improving the home buying experience by prioritizing customer privacy, providing a user-friendly map interface, easy access to property documents, and introducing a unique scoring algorithm called Just Scorz.

The app evaluates properties on 85+ technical parameters, offering a comprehensive assessment of each project. The platform also integrates multiple financing products, such as home equity, renovation financing, and early brokerage.

Targetting 100,000 customers

The startup claims that JustHomz, which is currently operational in the NCR region, has garnered over 5000 customers, 250+ verified channel partners, and 240+ verified projects. It aims to onboard over 100,000 customers and achieve $3-5 million in loan disbursements through the app in the next 3-6 months.

CEO highlights the need for an integrated ecosystem

Prasoon Chauhan, Founder and CEO, said, “We deeply felt the need for a solid integrated ecosystem—a one-stop platform for every Indian aspiring to buy a dream home. We aim to provide them with the right information, easy access to customizable capital solutions, and a seamless buying and selling experience.” 

Financial growth

Black Opal Group said it has made over $4.5 million in revenue and earned $1.75 million in profit after taxes (PAT) so far.

Through its platform, it has processed transactions worth over $200 million in real estate projects, benefiting 1500 home buyers and distributing $6 million from the NBFC. 

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