Thursday, September 28, 2023
HomeReal EstateProptech startup Brick&Bolt secures $10mn from Accel and Celesta Capital

Proptech startup Brick&Bolt secures $10mn from Accel and Celesta Capital

Custom-build homes platform Brick&Bolt has raised $10 million, co-led by global venture capital firms Accel and Celesta Capital. A multinational investment bank, Cilix Capital, advised for the Series A2 round.

With this funding round, Brick&Bolt has raised a total of $16 million. Earlier, Sequoia Surge, Foundamental, HDFC Capital Advisors, and Stride Ventures helped the business raise about $6 million.

The firm plans to use the funding to develop its leadership team, expand to over 12 cities, and expand its tech stack over 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 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 growth as we look to expand in other cities and add more senior leadership to the team.”

“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.

Brick & Bolt, which follows an ecommerce model, offers its customers tech systems and procedures to make residential and commercial construction easy, hassle-free, and reliable. Construction of homes, construction for businesses, and building materials are all offered as comprehensive services.

By 2025, India is expected to be the third largest construction market in the world, and Brick & Bolt is best positioned to take advantage of this potential, given the favorable macroeconomic environment.

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