According to Business Standard, construction tech startup Bandhoo has raised $1.1 million from Unitus Ventures along with Bharat Innovation Fund and other angel investors participating in the funding round.
The startup aims to bring more transparency and efficiency in the labor market by means of working closely with real estate, infrastructure and construction companies, building material supplies as well as construction workers.
CEO Prakash Gupta and CTO Sridhar Sundaram had founded Bandhoo in the year 2020. It provides assistance to builders and infrastructure companies in saving costs and time in their project and procurement process.
Gupta informed that the primary use of the funds would be the expansion of its engineering team, investment to build new features and functionality and scale up operations.
“We aim to onboard several large real estate and infrastructure companies, about 25,000 SME construction contractors, and more than 150,000 construction workers by 2022-23. With such dramatically increased scale of supply, getting workers and labor contractors to any project site anywhere in India will be far easier and cost and time effective”, the CEO added.
The senior partner of Unitus Ventures, Surya Mantha, said that the construction workers form the backbone of the country’s economy. He also talked about Bandhoo’s delivery impact at scale for such segment of workers and the increased productivity level alongside business results of small and medium-sized enterprises (SME) by connecting them with workers, large builders, and contractors alike.
He further stated, “This will put India back on the global map in the coming decades as Bandhoo formalizes a labor-intensive market like India.”