Bandhoo, an Indian startup seeking to revolutionize the digital landscape of the Indian construction domain, has raised US$ 1.1 million in a Seed funding round led by Unitus Ventures on 27 July 2021.
Investors: The Seed investment round featured Unitus Ventures as the lead investor with participation from Bharat Innovation Fund.
Purpose of the funding: The startup plans to deploy the proceeds from the investment round towards recruiting new talent in its engineering department, generating unique characteristics and functions, and expanding operations.
Established in 2020 by Prashant Gupta and Sridhar Sundaram, Bandhoo allows constructors and infrastructure corporations to control costs and reduce time in their project completion and procurement procedure. The marketplace extends the benefits of e-commerce by permitting the complete value chain using state-of-the-art technology. Possessing a 15-people team, the startup presently serves about 6,500 SME building contractors and over 35,000 construction personnel. However, it envisages onboarding giant real estate and infrastructure corporations and catering to about 25K SME building contractors and over 0.15 million construction workers by 2022–23.
Status of India’s construction sector: The Indian construction market accounts for USD 200 billion and has remained technologically backward in its functionality. Nevertheless, the domain is growing as a result of investments in real estate and infrastructure. The construction industry remains the second-largest job providing sector, constituting nearly 60 to 70 million workers and 5 to 7 million micro, small and medium enterprise (MSME) contractors.
What the Founder has to say: “The opacity of the Indian construction industry has resulted in depletion of opportunities, time and profit for all shareholders. Bandhoo ensures transparency and accessibility across the value chain with the help of its digital-first tech, which aids in ameliorating the total efficiency of the construction sector and reducing deferments. It links construction personnel at different levels according to the availability and location.”- Prashant Gupta, Co-Founder and CEO of Bandhoo.
What the investor has to say: “Construction workers set the foundation of the Indian construction sector. Bandhoo brings high-end facilities to the table for these workers and improves SMEs’ productivity and business outcomes by linking them with workers and big contractors. Bandhoo’s systematizing strategy of a labour-intensive Indian economy will bring India back on the front by the next decade.”- Surya Mantha, Senior Partner at Unitus Ventures.
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