In a significant financial development, Black Opal Group, the innovative asset management company, has successfully raised $3 million in funding, with significant contributions from prominent financial institutions such as the State Bank of India (SBI) and HDFC Banks. The infusion of capital is earmarked for expanding its services, particularly for JustHomz, a prop fintech B2B2C platform the company established last year.
Founded in 2020 by Prasoon Chauhan and Ishan Agarwal, Black Opal Group operates primarily through its asset management vertical, JustHomz.com. This platform is designed to revolutionize the home buying experience by placing a premium on customer privacy, offering a user-friendly map interface, facilitating easy access to property documents, and introducing a cutting-edge scoring algorithm called Just Scorz.
One of the standout features of the JustHomz app is its ability to assess properties based on technical parameters, providing users with a comprehensive project evaluation. The platform also seamlessly integrates various financing products, including home equity, renovation financing, and early brokerage, enhancing its appeal to a diverse range of users in the real estate market.
With an impressive track record, Black Opal Group’s JustHomz.com boasts over 5,000 registered customers, a network of 250 verified channel partners, and 240 verified projects. Currently operational in the National Capital Region (NCR), the company has set ambitious targets for the near future.
The company aims to onboard more than 100,000 customers and achieve $3-5 million in loan disbursements through the app within three to six months. This strategic infusion of funds from SBI, HDFC, and other contributors is a crucial catalyst for achieving these ambitious milestones.
Commenting on the funding round, Prasoon Chauhan, co-founder of Black Opal Group, expressed gratitude for the support from SBI and HDFC, highlighting the importance of these partnerships in realizing the company’s vision. He emphasized that the funds will further enhance JustHomz’s capabilities and expand its footprint in the dynamic real estate market.
As Black Opal Group continues to make waves in the asset management and real estate sectors, this funding round signifies a crucial step towards realising its growth objectives. The infusion of capital strengthens the company’s financial position and underscores the confidence that key players in the financial industry have in JustHomz.com’s potential to reshape the real estate landscape.
