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Wednesday, January 25, 2023

Brick&Bolt gets $10 million to expand its proptech business

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Proptech startup, Brick&Bolt has secured funding of $10 million. Among other things, the company will use the money to expand to over 12 cities in the next 15 months.

Brick&Bolt, a platform for custom-built homes, has secured $10 million in funding lead by global venture capital companies Accel and Celesta Capital.

The funds will be used to improve the company’s technology stack, grow its leadership team, and expand to over 12 locations over the next 15 months.

Brick & Bolt, founded in 2018, operates on an e-commerce platform and offers end-to-end services such as house construction, commercial construction, and building materials. According to the organisation, it provides consumers with technical methods and procedures that make house and commercial constructions simple, hassle-free, and trustworthy. 

Jayesh Rajpurohit, Co-founder of Brick&Bolt stated, “With over 85 percent of construction remaining unorganised in India, Brick&Bolt is on a road to grab the vast and super-broken market utilising our technology and procedures.” 

This funding will help us speed our growth as we aim to expand into other locations and hire more senior management.”

He went on to say that the startup’s technology, which includes workflow automation, Building information modelling (BIM), and a suite of over 16 software apps, uniquely enables it to expand at a quick rate with predictable delivery. In addition, the firm is planning to offer building supplies for captive projects and contracts.

Brick&Bolt has so far raised a total of $16 million in funding.  Previously, the firm received $6 million in funding from Sequoia Surge, Foundamental GmBH, HDFC Capital Advisors, and Stride Ventures.

Mahendran Balachandran, Partner at Accel, stated, “India is likely to be the third largest building market in the world by 2025. The freestanding house sector in India is primed for technological upheaval. With favourable market circumstances and a favourable macroenvironment, Brick& Bolt is well positioned to capitalise on this opportunity.”

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