Custom-build homes platform Brick&Bolt announced that it has raised $10 million, co-led by global venture capital firms Accel and Celesta Capital.
The company plans to use the funding “to enhance its tech stack, strengthen its leadership team and expand to 12+ cities in the next 15 months.” Cilix Capital, an international investment-banking firm, has “advised the Series A2 round.”
Set up in 2018, Brick & Bolt “follows an e-commerce model and provides end-to-end services, including home construction, construction for businesses, and building materials.” It provides consumers “with technological methods and processes that make home and commercial constructions simple, hassle-free, and dependable.”
Jayesh Rajpurohit, Co-founder of Brick&Bolt, said:
“We are extremely pleased to onboard seasoned investors, including Accel and Celesta Capital, as valuable partners in our journey to expansion. The Indian Real Estate is earmarked to be a USD 650 Billion market in 2025 and a USD One Trillion worth sector in 2030. With 85%+ construction still unorganized in India, Brick&Bolt is on a path to capture the massive and super-broken market using our technology and processes. This investment will help us accelerate our growth as we look to expand in other cities and add more senior leadership to the team.”
He added:
“Our technology with workflow automation, BIM modelling and suite of 16+ tech applications uniquely positions us to scale at a rapid pace with predictable delivery. We are also in line to supply building materials for captive projects and contracts.”
Mahendran Balachandran, Partner at Accel, said:
“India is set to be the third largest construction market globally by 2025. The Indian standalone homes market is ripe for tech-led disruption. What Jayesh and Arpit have created is a phenomenal and scalable business model. With favourable market conditions and macro environment, Brick& Bolt has the potential to disrupt the sector with its technology and construction predictability, built on the ecosystem of trust. Accel is excited to be a part of this growth journey, and we strongly believe that the platform is well positioned to address differential consumer needs and provide end-to-end services with a quality experience.”
With this investment round, Brick&Bolt has “raised a total of USD 16 million.”
Earlier, the company “raised approximately USD 6mn from Sequoia Surge, Foundamental GmBH, HDFC Capital Advisors and Stride Ventures.”