Construction services startup Brick & Bolt, operated by Pluckwalk Technologies Pvt Ltd, on Tuesday said it has raised $10 million (around Rs 82 crore) as a part of its Series A2 funding round co-led by venture capital firms Accel and Celesta Capital.
The Bengaluru-based company will use the fresh capital to scale up its tech stack and leadership team as well as to expand geographical footprint.
Founded by Jayesh Rajpurohit and his brother Arpit in 2018, Brick & Bolt provides end-to-end services including home construction, construction for businesses, and building materials. It also connects architects and contractors with people building or looking to build their homes.
“The Indian real estate is earmarked to be a $650 billion market in 2025 and a $1 trillion worth sector in 2030. With 85% of construction still unorganised in India, we are on a path to capture the market using our technology and processes,” said Jayesh Rajpurohit.
“The Indian standalone homes market is ripe for tech-led disruption. With the market conditions and macro environment, Brick& Bolt is positioned to use this opportunity,” said Mahendran Balachandran, partner at Accel.
Accel, which typically comes in at a seed stage and then makes follow-on investments, has been the first institutional investor in more than 87% of all portfolio companies. Flipkart and Freshworks are examples of companies backed by Accel from their initial seed rounds through all subsequent financings.
In 2020, Brick & Bolt had raised $1.5 million in a pre-Series A funding round led by Sequoia India’s scale-up programme, Surge. Livspace founders Anuj Srivastava and Ramakant Sharma, Aakash Goel of Trifecta Capital, Meghna Agarwal of Indiqube and Navin Dhanuka of Piramal Fund Management, also participated in the round.
The fundraise was followed by Brick & Bolt’s Series A round of $2.2 million led by Germany-based construction-focused fund Foundamental.