Red Fort Capital funds Rs 100 million to Brick and Byte Innovative Products to support their working capital requirements.
They are a sheet metal fabricator based in Navi Mumbai, Maharashtra. Their major customers include corporates like Bharat Electronics India, EON Global, Vertiv Energy, Tokheim, and more. Brick and Byte is a 20-year-old manufacturer with expertise in precision manufacturing and rapid prototyping services to meet the requirements of their clients. They had seen a resurgence in demand post-covid and needed funds quickly 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, commitment of the promoter, and the potential value it can create through this loan of Rs 100 million,” said Parry Singh, Founder & CEO of Red Fort Capital.
Brick and Byte hopes to double their revenue with an infusion of this debt into their working capital, effectively absorbing their excess capacity and scaling exponentially over the next few years.
“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,” said Prashant Kamat, Promoter of Brick & Byte Innovative Products.
Red Fort Capital seeks to continue growing its loan book over the next 2 quarters and finance MSMEs that show commitment, character, and cash flow consistency. By understanding the issues faced by MSMEs in terms of working capital crunch, capacity expansion plans, etc., Red Fort Capital designs a debt finance structure to suit and support viable businesses.