Custom-build homes platform Brick&Bolt 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 over 12 cities in the next 15 months.
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, said the company.
Jayesh Rajpurohit, Co-founder of Brick&Bolt, said, “With over 85 per cent 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 that the company’s technology with workflow automation, Building information modeling (BIM) and suite of over 16 tech applications uniquely positions the startup to scale at a rapid pace with predictable delivery. The company is also in line to supply building materials for captive projects and contracts.
With this investment round, Brick&Bolt has raised a total of $16 million. Earlier, the company raised approximately $6 million from Sequoia Surge, Foundamental GmBH, HDFC Capital Advisors and Stride Ventures.
Mahendran Balachandran, Partner at Accel, said, “India is set to be the third largest construction market in the world by 2025. The Indian standalone homes market is ripe for tech-led disruption. With favourable market conditions and macro environment, Brick& Bolt is best positioned to leverage this opportunity.”
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