Online construction marketplace Brick&Bolt has raised Rs 40 crore or $5 million from Accel India and Celesta Capital. This is the first round of investment for the Surge-backed company this year.
The board at Brick&Bolt has passed 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, a regulatory filing with the Registrar of Companies (RoC) shows.
Accel India and Celesta Capital infused Rs 20 crore each during the round and now hold 5.76% each after the allotment.
The company has passed a special resolution to expand its ESOP pool by 164 options, regulatory filing further added. Brick&Bolt already had an ESOP pool of 1289 options which has now been increased by 1.7% to 1453 options worth around Rs 29.9 crore.
As per Fintrackr’s estimates, the company has been valued at around Rs 350 crore or $43 million (post-allotment). The round appears to be an ongoing one and Brick&Bolt may raise more money in the coming weeks.
Founded in 2018 by Jayesh Rajpurohit and Arpit Rajpurohit, Brick&Bolt’s construction services platform connects contractors and architects to customers and claims to offer transparent pricing structures. Importantly, it also penalizes service providers in case of delay in the execution of projects.
It operates in Bengaluru, Mysuru, Hyderabad, Chennai, and Pune.
Brick&Bolt was a part of the second batch of Sequoia Capital India’s accelerator program Surge. The firm raised $ 1.5 million in a pre-Series A funding round in February 2020 and $2.5 million led by Foundamental in August 2020
Tiger Global-backed Infra.Market is the largest player in this space. Unlike Brick&Bolt, the company caters to builders and construction companies only. It’s worth noting that Foundamental and Accel are also investors in Infra.Market.