Brick&Bolt receives investment from Accel and Celesta Capital
- ByStartupStory | January 9, 2023
Brick&Bolt, an online marketplace for building materials, has received Rs 40 crore ($5 million) in funding from Accel India and Celesta Capital. The Surge-backed company’s first funding round of the year took place in this round.
A regulatory filing with the Registrar of Companies (RoC) reveals that the board of Brick&Bolt authorised a special resolution to issue 20 equity shares and 1,924 Series A2 CCPS at an issue price of Rs 2,05,761 each to raise Rs 40 crore or $5 million.
After the allotment, Accel India and Celesta Capital, who each invested Rs 20 crore during the round, now hold 5.76% of the company.
According to a regulatory filing, the business voted a special resolution to add 164 options to its ESOP pool. Previously consisting of 1289 options worth around Rs 29.9 crore, the ESOP pool at Brick&Bolt has grown by 1.7% to 1453 options.
The company is estimated to be worth about Rs 350 crore ($43 million) (post-allotment). It appears that the round is still underway, so Brick&Bolt may raise additional funds in the next weeks.
Brick&Bolt is a construction services platform that was established in 2018 by Jayesh Rajpurohit and Arpit Rajpurohit. It claims to provide transparent pricing structures and links clients with contractors and architects. Importantly, it also fines service providers when projects are delayed in their completion. Bengaluru, Mysuru, Hyderabad, Chennai, and Pune are among the places it is active.
The accelerator programme Surge run by Sequoia Capital India included Brick&Bolt in its second cohort. In February 2020, the company raised $1.5 million in a pre-Series A investment round. In August 2020, Foundamental led a $2.5 million funding round for the company.
The biggest player in this market is Infra.Market, which is supported by Tiger Global. The business only serves builders and construction companies, unlike Brick&Bolt. It’s important to note that Accel and Foundamental have invested in Infra.Market as well.
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