PropTech startup Brick&Bolt on Tuesday said it has raised USD 10 million (about Rs 80 crore) from investors, including global venture capital firms Accel and Celesta Capital. The company will utilise the fund to enhance its tech stack, strengthen its leadership team and expand to 12+ cities in the next 15 months, according to a statement.
This is the Series A2 round of funding. 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. “Our technology with workflow automation, BIM modelling and 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,” said Jayesh Rajpurohit, co-founder of Brick&Bolt.
With this investment round, Brick&Bolt has raised a total of USD 16 million. Earlier, the company raised about USD 6 million from Sequoia Surge, Foundamental GmBH, HDFC Capital Advisors and Stride Ventures. According to Housing.com, between 2009 and June 2022, the proptech companies in India received a total of USD 3.42 billion in private equity funding.
The adoption of technologies in the real estate sector has increased significantly in the last three years amid the COVID pandemic. In November 2021, Bengaluru-based NoBroker.com raised USD 210 million from investors at a valuation of USD 1 billion to become the first unicorn in the proptech sector. Xanadu Realty, Reloy, which is into generating referral sales for builders, and brokerage firm Settlin are some of the companies that raised funds last year.
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