Custom-build homes platform Brick&Bolt has raised USD 10mn, 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.
“We are extremely pleased to onboard seasoned investors, including Accel and Celesta Capital, as valuable partners in our journey to expansion,” said Jayesh Rajpurohit, Co-Founder of Brick&Bolt. “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 a 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.”
About the investment, Mahendran Balachandran, Partner at Accel, says, “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 a macro environment, Brick& Bolt is best positioned to leverage this opportunity.”
“This large, distributed market currently caters to small and medium property developers who are disorganized, often sub-scale, and operationally inefficient which leads to poor customer experience, cost overruns, rework, and stretched timelines,” said Sudhir Rao, Managing Partner, India at Celesta Capital. “The Brick&Bolt 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 Brick&Bolt India's go-to platform for custom-built housing.” With this investment round, Brick&Bolt has raised a total of USD 16 million. Earlier, the company raised approximately USD 6mn from Sequoia Surge, Fundamental GmBH, HDFC Capital Advisors and Stride Ventures.
