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Black Opal Group Raises $3 Million In Growth Capital From SBI And HDFC Banks

The funding will be utilised to enhance services and expand the team at JustHomz.com, a prop-fintech B2B2C platform introduced by Black Opal Group

Black Opal Group Raises $3 Million In Growth Capital From SBI And HDFC Banks

Outlook Start-Up Desk

POSTED ON January 30, 2024 6:22 PM

Black Opal Group, led by banking veteran Prasoon Chauhan and COO Ishan Agarwal, acquired $3 million from SBI and HDFC Banks, among other investors, the company said in a statement.  

The funding will be utilised to enhance services and expand the team at JustHomz.com,  prop-fintech B2B2C platform introduced by Black Opal Group in 2023. 

The tech-enabled platform focuses on improving the home buying experience by prioritising 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. 

Currently operational in the NCR region, the JustHomz app has registered 5000+ customers, 250+ verified channel partners, and 240+ verified projects.  

Sharing his views on the significant milestones, Prasoon Chauhan, the founder and CEO of Black Opal Group 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 customisable capital solutions, and a seamless buying and selling experience”.  

The company has made over $4.5 million in revenue and earned $1.75 million in profit after taxes 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.  

Founded in 2020, Black Opal Group currently operates through its Asset Management vertical, a Reserve Bank of India (RBI) registered Non-Banking Financial Company (NBFC), and the recently launched integrated technology platform, JustHomz.com.  

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