Brick&Bolt, a construction services start-up, said on Tuesday it has raised $10 million in a funding round co-led by global venture capital firms Accel and Celesta Capital.
The company will use the funding to enhance technology, strengthen its leadership team and expand to more than 12 cities in 15 months. With the Series A2 round, Brick&Bolt has raised a total of $16 million. The company earlier raised some $6 million from Sequoia Surge, Foundamental GmBH, HDFC Capital Advisors and Stride Ventures.
Brick&Bolt, which was set up in 2018, follows an e-commerce model to provide services for home and commercial constructions and building materials. It provides consumers with simple, hassle-free methods for home and commercial constructions.
“Indian real estate is earmarked to be a $650 billion market in 2025 and a $1 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,” said Jayesh Rajpurohit, the company’s co-founder, in a statement:
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. “
“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.”
Cilix Capital, an international investment-banking firm, advised the Series A2 round.
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