Brick And Byte Raises Rs 100 Million From Red Fort Capital

Navi Mumbai-based Brick and Byte has raised Rs 100 million from Red Fort Capital. The latter will disburse the loan amount by this week. 

Engaged in manufacturing rapid prototyping services, Brick and Byte's clientele includes Bharat Electronics India, EON Global, Vertiv Energy, and Tokheim. Post-Covid, it has seen a resurgence in demand and was eager to raise funds to capitalise on the opportunity. 

“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, the promoter's commitment and the potential value it can create through this loan of Rs100 million,” said Parry Singh, founder and CEO of Red Fort Capital on the development.  

Brick and Byte hopes to double its revenue with the infusion of this debt into its working capital, effectively absorbing its excess capacity and scaling exponentially over the next few years. 

“I needed funds to 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,” said Prashant Kamat, promoter of Brick and Byte. 

Founded in 2005, Red Fort Capital Finance is an RBI-registered Investment Grade NBFC that claims to give quick business loans to micro, small and medium enterprises typically in under seven days. In January this year, it borrowed Rs 200 crore from the State Bank of India (SBI) to widen its lending capacity.