Justo Realfintech is India’s only listed real estate mandate company - it acts as an outsourced sales engine for developers, taking on the entire job of commercialising a project from pricing strategy to final booking. Founded in 2019 by a former CFO of Bombay Dyeing and Keystone Realtors, the company was built on a single recurring idea: convert a developer’s fixed sales overhead into a variable, success-based cost. That asset-light, pay-for-performance logic explains everything that follows - it never buys inventory, it signs exclusive area-locked mandates, and it earns a percentage only on the units it actually sells. # Business segments A single engine with two tightly coupled revenue streams - a core mandate platform that sells residential and commercial inventory for developers, and a small but growing home-loan advisory arm that greases the wheels of the same transaction. ## 1. Mandate platform: the outsourced sales department for real estate developers **Justo signs exclusive, geographically ring-fenced contracts to sell a developer’s entire project inventory, earning a fixed percentage of every unit sold - it carries no inventory risk and the developer pays the marketing bill.** - **Two flavours of mandate, same core job** - Launch Projects bring Justo in from day one to shape the product, pricing, positioning and go-to-market plan, while Sustenance Projects are mid-lifecycle or underperforming assets that need a strategy reset, demand revival or rapid liquidation. In both cases, the company runs the full sales value chain: digital demand generation, channel-partner distribution, on-site experience, booking operations and buyer financing enablement. - **Paid only on success, in two ways** - Under the Direct Revenue model, the developer pays Justo a gross fee of 5.5%-6% of the sales value, out of which Justo pays the channel partners; under the Net Revenue model, the developer pays the channel partners directly and Justo keeps a net fee of 2.5%-3%. In both structures, marketing expenses sit with the developer, so Justo’s cost is purely its own people and process. - **The working-capital gap is the real cost of growth** - Justo incurs roughly 70% of its costs before it can bill a single rupee, and the cycle from mandate signing to invoicing stretches about six months, with payment arriving only after the buyer registers the property. A small monthly advance from the developer helps bridge the gap, but the model is inherently front-loaded on cash. - **Scale comes from repeat developers, not new logos** - Business from existing developers has climbed from 29% to 94% of mandates, and repeat revenue reached 44% in FY25, up from 20% two years earlier. The company’s brand associations include Runwal, Piramal Realty and Wadhwa in Mumbai, and Kolte-Patil, Gera and VTP in Pune. - **A network of 5,050-plus channel partners does the heavy lifting on lead generation** - these RERA-registered partners are the distribution muscle that gives Justo its market reach across Pune, MMR and the rest of Maharashtra, and the company designs its own reward structures to keep them motivated. In Pune, Justo moves 180-190 units a month, capturing roughly 3-3.5% of the city’s total sales. ## 2. Financial advisory: the home-loan desk that closes the deal **A small, commission-based mortgage facilitation business that exists to remove the financing friction from the home-buying process - it earns a fee only when a loan is sanctioned and disbursed.** - **A Direct Selling Agent to twenty lenders** - Justo has grown its banking and NBFC partnerships from 13 institutions at inception to 20, giving homebuyers on its projects a ready pipeline of financing options. The revenue is commission-linked to actual sanctioned disbursements, keeping the model aligned with the success-based logic of the mandate business. - **Still a rounding error in revenue terms** - advisory services brought in roughly ₹3-4 crore in the prior year and an estimated ₹5-6 crore in the current year, making it a facilitator rather than a standalone profit centre. The company is adding construction and home-purchase financing to its portfolio through a new international partnership, but it does not do property valuation. # Technology platform **A proprietary four-part software stack - still under construction - that is meant to replace manual tracking with fixed-cost automation, sharpen sales forecasting with AI, and give developers real-time dashboards on exactly how their inventory is moving.** - **Four modules, one workflow** - Justo Leads is a SaaS lead-management system, Justo Verse handles the lead-to-booking sales engagement, Justo Works is the operational core (CRM, finance, MIS, inventory loading, price control and channel-partner tracking), and Justo Pulse completes the ecosystem. - **Phase 1 is in beta, the full platform is a year away** - the company is building a modular workflow system with the first phase already in testing and adoption, and expects the end-to-end platform to be ready by the end of FY26-27 or early FY27-28, with meaningful results from the tech investment not anticipated before Q3 FY26-27. # Group structure and partners **Justo has layered a dual-brand structure and an international partnership onto its core mandate engine, using a newly incorporated subsidiary to reach the premium segment it deliberately avoided in its own brand.** - **Chestertons India is the premium play** - incorporated as a wholly owned subsidiary under a brand-rights arrangement with the 220-year-old London-based Chestertons Global Network, it targets the premium and super-premium category (above ₹5 crore) that Justo’s core business stays away from because it is broker-led and harder to scale. - **The parent feeds the subsidiary** - Justo’s existing developer relationships and channel-partner network are the primary operating leverage for Chestertons India’s business development, and the subsidiary will also diversify into commercial leasing, cross-border investment outreach, capital markets and hospitality services. - **A going-concern transfer has already begun** - in April 2026 the board approved moving Justo’s premium-project branding, sales and marketing business, along with certain assets, liabilities and two senior executives, into Chestertons India, with the consideration settled through allotment of optionally convertible preference shares. - **An acquihire added boots on the ground in Pune** - the December 2025 acquisition of Hustlewin brought 25 top performers, four ongoing residential projects and a new Market Head for Pune and Emerging Markets, adding over ₹20 crore of revenue visibility. - **The board blends real-estate and finance DNA** - Chairman and MD Puspamitra Das is the largest stakeholder; Non-Executive Directors Chirag Mehta and Priyesh Chheda (together holding 15-18%) are founders of Arbour Alternate Advisors; Independent Directors bring 35-plus years each in wholesale banking and finance.