Brick&Bolt raises USD 1.5 million in funding from Sequoia
Brick&Bolt, a full-stack platform providing end-to-end solutions for the construction industry, has raised USD 1.5Mn in a Pre-Series A funding led by Sequoia India’s rapid scale-up program Surge. The funding also saw participation from angel investors such as Anuj & Ramakant (Livspace), Aakash Goel (Trifecta Capital), Meghna Agarwal (Indiqube) and Navin Dhanuka (Piramal Fund Management). The company will use the funding to invest in enhancing its core technology platform, growing its existing team and business expansion to tier-1 and tier-2 cities across India.
Brick&Bolt is an e-commerce platform that utilizes cutting-edge technology and state-of-the-art systems and processes to make home and commercial construction simple, hassle-free and reliable for its customers. Typically, the whole experience of construction tends to be daunting and time-consuming – from finding the right contractors, quality issues, price escalation and project delays. Brick&Bolt’s end-to-end construction services platform mitigates these issues by making the entire experience from design to execution seamless, by connecting suitable contractors and architects to customers, enabling transparent pricing and also levying penalties on the service provider in case of delays. The process is further augmented by an AI-based engine predicting the work schedules and managing quality and progress of on-going projects using computer vision.
“The construction industry in India is poised to reach $640 billion industry in 2022, aided by government initiatives in infrastructure development and affordable housing. Between now and 2035, 17 of the 20 fastest growing cities in the world will be in India. Through Brick&Bolt, we want to tap into this massive market, providing a platform that combines technology with transparent processes, making the construction industry organized, accessible and seamless for the both residential and commercial users”, said Jayesh Rajpurohit, co-founder, Brick&Bolt.
“Currently, Real Estate Regulatory Authority (RERA) laws are applied only for large construction projects, whereas smaller residential projects do not have any specific laws in place to manage them. Brick&Bolt is helping customers realize their dreams by implementing RERA like features in home and small construction making it transparent and reliable for them,” said Arpit Rajpurohit, co-founder, Brick&Bolt.
Founded in 2018, Brick&Bolt has been operating in the residential construction space and currently has 260 projects in Bangalore along with a roster of 250 curated contractors. The company has already begun supply-chain operations of construction materials for its existing sites. Brick&Bolt is planning to enter the commercial construction (B2B) market in the next few months.