Brick and Byte Raises Rs 10 Cr In Debt Funding
Brick and Byte Innovative Products, a Navi Mumbai-based sheet metal fabricator, has raised Rs 10 crore in debt funding from MSME lender Red Fort Capital.
As per the startup, the freshly raised funds will be used to support its working capital requirements.
Brick and Byte | Precision Manufacturing And Rapid Prototyping Services
Founded by Prashant Kamat, Brick and Byte Innovative Products is a Navi-Mumbai based firm that offers precision manufacturing and rapid prototyping services.
The firm claims to serve notable corporate customers, including Bharat Electronics India, EON Global, Vertiv Energy, Tokheim, and more.
Speaking about the development, Prashant Kamat, Founder of Brick and Byte Innovative Products, said,
“I needed funds to further expand my business, and Red Fort Capital stood strong on their promise of speed and value creation. They understood the ins and outs of my business and were extremely transparent throughout the loan process.”
The Navi-Mumbai based firm offers integrated engineering services from concept to manufacturing in embedded and mechanical engineering domains. This includes mechanical designing, manufacturing, embedded designing, and electronic manufacturing.
Brick and Byte looks to double its revenue with the infusion of this debt into its working capital. This will help them effectively absorb their excess capacity and scale over the next few years.
Commenting on the development, Parry Singh, founder and CEO of Red Fort Capital, said,
“Supporting business owners to sustain and grow stays at the heart of the underwriting policy of Red Fort Capital. With Brick and Byte, we saw the potential of the business model, commitment of the promoter, and the potential value it can create through this loan of INR 10 crore.”
Over the years, debt funding has been gaining traction in India as a reliable source of capital for businesses of all sizes.
In May 2023, Pocket FM, a Bengaluru-based audio OTT platform, raised $16 million in debt funding from US-based Silicon Valley Bank, a division of First Citizens Bank. A month before that, CometChat, a Mumbai and Denver-based user engagement platform, raised $5 million (around Rs 40 crore) in a debt funding round from Utah-based Zions Venture Fund.
Note: If you are a budding entrepreneur and require assistance to register a Pvt Ltd Company, register a company, create financial projections, business development, LLP Registration, compliance filing, funding formalities, debt funding, CFO Services, or other startup related legal services, contact us.