MSME loans: MSME lender Red Fort Capital on Friday said it has backed sheet metal fabricator Brick and Byte Innovative Products with Rs 10 crore debt to support their working capital requirements. Based in Navi Mumbai, Brick and Byte Innovative Products has corporate customers including Bharat Electronics India, EON Global, Vertiv Energy, Tokheim, and more. The 20-year-old manufacturer offers precision manufacturing and rapid prototyping services.
“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 ₹100 million,” said Parry Singh, Founder & CEO of Red Fort Capital in a statement.
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Brick and Byte is looking to double its revenue with the infusion of this debt into their working capital, effectively absorbing their excess capacity and scaling 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, Brick & Byte Innovative Products.
Brick & Byte offers integrated engineering Services from concept to manufacturing in embedded and mechanical engineering domains including mechanical designing, manufacturing, embedded designing and electronic manufacturing. It also offers IT services such as software applications, mobile applications and SAP custom web application development, SAP implementation, product management, UI/UE designing, cloud computing, and more.
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Red Fort Capital said it seeks to grow its loan book over the next two quarters and finance MSMEs. The RBI-registered investment grade NBFC, Red Fort Capital offers quick business loans, typically within seven days, to MSMEs. The lender seeks deals of Rs 1 crore to Rs 10 crore for financing for working capital, equipment and machinery. Its investee portfolio includes Evergreen Bio Plantec, Kanjiravelil Traders, ML Labade, Venkata Krishna Spinners, Evocus, Nandigram Realtors, Amrit Malwa Capital, and more.