Proptech startup Brick&Bolt raises $10M from Accel and Celesta Capital
Custom-build homes platformhas raised $10 million, co-led by global venture capital firms Accel and Celesta Capital. Cilix Capital, an international investment-banking firm, advised the Series A2 round.
Brick&Bolt has raised a total of $16 million with this investment round. Earlier, the company raised approximately $6 million from Sequoia Surge, Foundamental, HDFC Capital Advisors, and Stride Ventures.
The company plans to use the capital to enhance its tech stack, strengthen its leadership team, and expand to over 12 cities in the next 15 months.
Jayesh Rajpurohit, Co-founder of Brick&Bolt, said, “We are extremely pleased to onboard seasoned investors, including Accel and Celesta Capital, as valuable partners in our journey to expansion."
“The 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 unorganised 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 growth as we look to expand in other cities and add more senior leadership to the team.”
Brick & Bolt, which follows an ecommerce model, provides tech systems and process to make home and commercial construction simple, hassle-free, and reliable for its customers. It provides end-to-end services, including home construction, construction for businesses, and building materials.
Mahendran Balachandran, Partner at Accel, said, India is set to be the third largest construction market in the world by 2025 and Brick& Bolt is best positioned to leverage this opportunity amid favourable market conditions and macro environment.
“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,” said Sudhir Rao, Managing Partner, India, at Celesta Capital.
Edited by Teja Lele