SUMMARY
The startup looks to use the fresh capital to enhance tech stack, strengthen its leadership team and expand to more than 12 cities in the next 15 months
Including the current fundraising, Brick&Bolt has raised $16 Mn in aggregate
The startup counts Sequoia Surge, Foundamental GmBH, HDFC Capital Advisors and Stride Ventures as its investors
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Home construction and building materials provider Brick&Bolt has secured $10 Mn in a Series A funding round co-led by Accel and Celesta Capital.
International investment banking firm Cilix Capital acted as an advisor for the funding round.
Brick&Bolt looks to use the fresh capital to enhance its tech stack, strengthen its leadership team and expand to more than 12 cities in the next 15 months.
Including the current fundraising, Brick&Bolt shared that it has raised $16 Mn in aggregate.
Founded in 2018 by Jayesh Rajpurohit and Arpit Rajpurohit, the startup offers end-to-end construction services including home and business construction and building materials.
The startup also enables consumers with technology and processes to make home and commercial constructions simple.
“With over 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,” Jayesh Rajpurohit said.
The startup counts Sequoia Surge, Foundamental GmBH, HDFC Capital Advisors and Stride Ventures as its investors.
Explaining the process, Rajpurohit added that the startup uses workflow automation, BIM modeling and a suite of more than 16 tech applications to predict the delivery of construction materials. It also supplies building materials for projects and contracts.
According to the startup, India’s real estate is to become a $650 Bn market in 2025 and a $1 Tn worth sector in 2030.
“Brick&Bolt’s platform streamlines the entire process by bringing it together on a single platform. Celesta has extensive experience investing in companies that disrupt the construction industry so we are excited to be able to share our learnings to help make the startup India’s go-to platform for custom-built housing,” said Sudhir Rao, managing partner, India at Celesta Capital.
In India, it competes with the likes of online construction marketplaces such as ZippMat and GlobalFair, among others.
As per a Mordor Intelligence report, India’s construction industry was valued at $609.6 Bn in 2021. The sector is anticipated to grow at a CAGR of more than 6% during 2023-26.
In 2022, the sector saw a slew of fundraising activities including ZippMat bagging $10 Mn, GlobalFair raising $20 Mn and Infra.Market securing $50 Mn, among others.
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