Brick&Bolt Secures $1.5M in Funding from Sequoia Surge and Others to Transform Construction Industry
Brick&Bolt, an innovative startup at the forefront of revolutionizing the construction sector, has announced the successful closure of a $1.5 million funding round. This investment, led by the esteemed Sequoia Surge along with other notable investors, marks a significant milestone for the company. The funds will principally be deployed towards the enhancement of the company’s core technological platform, facilitating business expansion across Tier II and III cities, and bolstering the current team to accelerate growth.
In a statement regarding the new funding, Jayesh Rajpurohit, Co-founder of Brick&Bolt, shared his vision for the future of the Indian construction industry. “The construction sector in India is on the brink of skyrocketing to a $640 billion industry by 2022, largely driven by governmental efforts in infrastructure and affordable housing,” he stated. With Brick&Bolt, Jayesh and his team are keen on capturing a significant share of this burgeoning market by leveraging technology to bring about transparency and efficiency, thereby making the construction process more organized and user-friendly for both residential and commercial entities.
Jayesh further emphasized the global significance of the Indian market, noting that, by 2025, India will be home to 17 of the 20 fastest-growing cities worldwide. This potential for rapid urban growth presents an unparalleled opportunity for Brick&Bolt to scale its operations and make a substantial impact on the construction industry.
Brick&Bolt has already initiated supply-chain operations for construction materials to service its existing projects and is gearing up to foray into the commercial construction realm in the coming months. By adopting an e-commerce model, the startup aims to simplify the construction process, making it more straightforward, efficient, and reliable for its users. It addresses common industry challenges such as contractor selection, quality control, budget escalations, and project delays by offering a seamless end-to-end service that connects customers with the most suitable contractors and architects, promoting transparency in pricing, and imposing penalties on service providers for any delays.
“The market is saturated with entities focusing merely on project management and core technology, leaving a gap in the provision of comprehensive construction services. At Brick&Bolt, we aim to bridge this gap by addressing the manifold challenges faced by consumers wishing to build homes,” Jayesh explained.
The startup has enhanced the construction experience with the use of an AI-based engine designed to predict work schedules, manage project quality, and oversee the progress of ongoing projects through computer vision. Focusing primarily on the B2C market segment, Brick&Bolt has an average consumer ticket size of Rs 50 lakh. Nonetheless, the firm is venturing into the B2B domain, having already secured a deal with a villa plot developer and pursuing additional prospects.
Highlighting the regulatory landscape, Arpit Rajpurohit, Co-founder of Brick&Bolt, pointed out the disparity in the application of the Real Estate Regulatory Authority (RERA) laws, which currently cover only large-scale construction projects. “Smaller residential projects lack specific regulatory oversight, which is where Brick&Bolt steps in. We are committed to making the dream of building a home a transparent and reliable process for our customers, akin to the safeguards provided by RERA laws for larger projects,” Arpit stated.
As Brick&Bolt embarks on this exciting journey of growth and expansion, facilitated by the recent influx of funds, its commitment to revolutionize the construction industry through technology and innovation shines brightly. The startup’s visionary approach aims to make construction services seamless, accessible, and trustworthy, ultimately transforming the landscape of the construction industry in India and beyond.
