Bengaluru-based online construction marketplace Brick&Bolt has raised Rs 40 crore or $5 million from Accel India and Celesta Capital, Entrackr reported.

This is the first round of investment for the Surge-backed company this year.

The board at the construction marketplace 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 funding round and now holds 5.76 per cent each after the allotment.

The company has passed another special resolution to expand its ESOP pool by 164 options, the media report added.

Brick&Bolt already had an ESOP pool of 1289 options which has now been increased by 1.7 per cent to 1,453 options worth around Rs 29.9 crore.

Post the allotment, the company has reportedly been valued at around Rs 350 crore or $43 million. 

It is speculated that the company might raise more money in the coming weeks as the funding round appears to be ongoing.

Founded by Jayesh Rajpurohit and Arpit Rajpurohit in 2018, Brick&Bolt aims to connect contractors and architects to customers and claims to offer transparent pricing structures. 

It operates in Bengaluru, Mysuru, Hyderabad, Chennai, and Pune.

Brick&Bolt was a part 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.