Red Fort Capital Provides INR 10 Crore Debt to Brick And Byte for Expansion
- ByStartupStory | August 5, 2023
Red Fort Capital, an MSME lender, has extended a debt facility of INR 10 crore to Brick and Byte Innovative Products, a sheet metal fabrication company based in Navi Mumbai. This financing aims to bolster Brick and Byte’s working capital, enabling them to absorb excess capacity and scale their operations over the coming years. Brick and Byte serves a diverse range of corporate clients, including Bharat Electronics India, EON Global, Vertiv Energy, and Tokheim, among others.
Parry Singh, Founder and CEO of Red Fort Capital, emphasized the lender’s commitment to supporting business growth. Recognizing the potential of Brick and Byte’s business model and the dedication of its promoter, Singh expressed confidence in the value that the INR 10 crore loan can generate for the company.
Brick and Byte has ambitious plans for utilizing this capital injection. The company aims to double its revenue by optimizing its working capital utilization. This strategic approach involves absorbing surplus capacity and strategically scaling its operations. This move is projected to position Brick and Byte for substantial growth in the near future.
Prashant Kamat, the promoter of Brick and Byte Innovative Products, lauded Red Fort Capital for delivering on their commitment to expedient and transparent financial assistance. Kamat highlighted the lender’s comprehensive understanding of his business and its seamless support throughout the loan application process.
Brick and Byte Innovative Products specializes in providing integrated engineering services spanning mechanical and embedded engineering domains. From conceptualization to manufacturing, the company offers a range of services, including mechanical design, manufacturing, embedded design, and electronic manufacturing. The partnership with Red Fort Capital is expected to fuel the company’s expansion endeavors, contributing to its continued success in the industry.
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