Justo Realfintech, a niche real estate services provider with a tech-driven business model, has filed its Draft Red Herring Prospectus (DRHP) with the Bombay Stock Exchange’s SME platform. The company plans to raise more than INR 47 crore through a purely fresh issue of up to 49.61 lakh equity shares.
The move signals Justo’s readiness to transition from a regional player to a pan-India solution provider, capitalizing on the country’s real estate resurgence and growing demand for structured, data-backed, and outsourced sales strategies among developers.
Incorporated in 2019, the Maharashtra-based company has grown rapidly in a short span, showcasing strong revenue growth, profitability, and technology integration. But is the IPO fairly timed? What risks and opportunities should investors evaluate? Let’s understand in details.
Justo Realfintech IPO – Structure and Objectives
Justo Realfintech IPO is structured as a 100% fresh issue—an encouraging sign for investors, as it reflects the promoter’s confidence and the need for true capital infusion.
Use of Net Proceeds:
| Purpose | Amount (INR Cr) |
|---|---|
| Working capital needs | 36.5 |
| Investment in IT infrastructure | 6.3 |
| Debt repayment | 5.0 |
| General corporate purposes | Bal |
Notably, a significant amound of INR 36.5 crore is being channeled toward core operational and strategic areas, with no diversion toward promoter exits or inorganic ventures.
Justo Realfintech – Overview
Justo Realfintech describes itself as a “real estate mandate company”, offering end-to-end sales, marketing, financial advisory, and execution support to developers. Its operations span Pune, Mumbai Metropolitan Region (MMR), Nashik, and a developing presence in Aurangabad and Kolhapur.
Core Offerings:
- Mandate Sales Services: Full-cycle outsourcing of real estate inventory sales—from pricing and packaging to bookings.
- Financial Advisory: Assists developers in raising project capital via banks, NBFCs, and institutional lenders.
- Tech Platforms:
- JustoVerse (Mobile App): Tracks customer journey.
- JustoWorks (Web Platform): Integrates budgeting, bookings, financials, CRM, and performance metrics.
- Channel Partner Management: 2,700+ partners across regions enabling scale without geographic limitations.
The company’s motto is clear: “Let developers build, we’ll sell.” By converting fixed marketing costs into variable ones, Justo enables leaner operations for developers and faster monetization of real estate assets.
India’s real estate sector is witnessing a strong post-COVID revival. Rising urban demand, regulatory enforcement (RERA), formalization, and digital adoption have made the market ripe for companies like Justo.
Key Tailwinds:
- RERA compliance is pushing developers to focus more on execution and less on marketing.
- Residential demand—especially in Tier-I and Tier-II cities—is rebounding.
- Increasing reliance on tech-led third-party sales agencies for efficiency.
- Structural shift toward organized real estate intermediation.
Justo’s positioning as a tech-first, service-led enabler aligns well with these macroeconomic shifts.
Financial Highlights
| Metric | FY22 | FY23 | FY24 | 11M FY25 |
|---|---|---|---|---|
| Revenue from Ops | 30.18 | 70.44 | 59.38 | 73.40 |
| PAT | 3.70 | 15.30 | 6.69 | 13.23 |
| EBITDA | 5.31 | 21.99 | 9.47 | 18.75 |
| EBITDA Margin | 17.6% | 31.2% | 15.9% | 25.5% |
Revenue CAGR (FY22–11MFY25): ~48%
PAT CAGR (FY22–11MFY25): ~55%
This profitability is rare among SME IPO candidates, where high growth often comes at the cost of margins.
Balance Sheet and Leverage
| Metric | 11M FY25 | FY24 | FY23 |
|---|---|---|---|
| Adjusted Net Worth | 49.45 Cr | 26.91 Cr | 20.31 Cr |
| Total Debt | 13.98 Cr | 2.31 Cr | 3.61 Cr |
| Debt-to-Equity | 0.37x | 0.10x | 0.28x |
The capital raise is expected to restore near-zero leverage, making the company even more financially agile.
Business Mix
| Segment | FY22 | FY23 | FY24 | 11M FY25 |
|---|---|---|---|---|
| Mandate Revenue | 100% | 99.5% | 96.9% | 94.7% |
| Advisory Revenue | 0% | 0.3% | 3.0% | 5.1% |
The increasing share of advisory revenues demonstrates early traction in high-margin, scalable services like project financing, joint ventures, and co-development structuring.
Technology Differentiation
Many real estate firms claim to be “tech-enabled,” but Justo backs it up with proprietary IP and internal adoption:
- JustoVerse handles customer engagement and lifecycle analytics—valuable for optimizing conversions.
- JustoWorks centralizes finance, project data, and performance metrics for real-time strategy pivots.
- A SaaS-based HRMS platform aids in KPI-linked employee tracking, aiding in performance-linked scalability.
This stack drives transparency, accountability, and operational scalability—key investor asks in a service-heavy business.
Leadership and Governance
Promoter Puspamitra Das brings over 30 years of corporate experience and has led the company’s vision since inception. Supported by CFO Dinesh Jivabhai Dolar and CS Jyoti Bala Soni, the management team comprises professionals with experience across real estate, technology, and finance.
The IPO appears to be growth-capital led, rather than a premature listing or promoter exit—another positive indicator.
Final Words
Justo Realfintech represents a rare SME IPO that combines:
- Consistent profitability
- Scalable, asset-light business model
- Proprietary tech integration
- Focused leadership with strategic clarity
As real estate developers increasingly outsource sales and financing functions, Justo is well-positioned to ride this outsourcing and formalization wave. The IPO proceeds are smartly earmarked, the technology stack is proven, and the business model addresses real pain points in India’s real estate value chain.
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