Online construction marketplace Brick&Bolt said it has raised $10 million from global venture capital firms Accel and Celesta Capital. The startup said it plans to use the fund to expand to 12 cities in the next 15 months. It also plans to enhance its tech stack and strengthen its leadership team. Set up in 2018, Brick&Bolt is an online marketplace for services such as home construction, construction for businesses, and building materials.

It provides consumers with technology and processes with the aim of making home and commercial constructions simple and hassle-free. With this investment round, Brick&Bolt has raised a total of $16 million. Before this, the startup raised about $6 million from Sequoia Surge, Foundamental GmBH, HDFC Capital Advisors and Stride Ventures.

It also secured Rs 16.5 crore in its Series A funding round from Foundamental GmBh. This was the second investment round for the company in 2020. “This investment will help us accelerate our growth as we look to expand in other cities and add more senior leadership to the team,” cofounder Jayesh Rajpurohit said in a statement. He added that India’s real estate market will be worth an estimated $650 billion in 2025 and $1 trillion in 2030.

With more than 85% of construction still unorganised in India, Brick&Bolt is on a path to capture the massive and broken market using technology and processes, he said. “India is set to be the third-largest construction market in the world by 2025. The Indian standalone homes market is ripe for tech-led disruption. With favourable market conditions and macro environment, Brick&Bolt is best positioned to leverage this opportunity,“ said Mahendran Balachandran, partner at Accel.

“Celesta has extensive experience investing in companies that disrupt the construction industry so we are excited to be able to share our learnings to help make Brick&Bolt India's go-to platform for custom-built housing,” said Sudhir Rao, managing partner, India, Celesta Capital.