Bandhoo raises USD 1.1 million funding from Unitus Ventures

By: |
July 27, 2021 9:42 PM

The funds will primarily be used to expand the engineering team, invest in building new features and functionality, and scale up operations

Bandhoo, Unitus Ventures, startup news, startup IndiaThe company aims to onboard several large real estates and infrastructure companies, about 25,000 SME construction contractors and over 1,50,000 construction workers by 2022-23

Bandhoo, a construction-tech start-up, on Tuesday said it has raised USD 1.1 million (about Rs 8,1 crore) in funding from Unitus Ventures and others. Bharat Innovation Fund and other angel investors participated in this round, according to a statement. The funds will primarily be used to expand the engineering team, invest in building new features and functionality, and scale up operations. The company aims to onboard several large real estates and infrastructure companies, about 25,000 SME construction contractors and over 1,50,000 construction workers by 2022-23.

By working closely with real estate, infrastructure and construction companies, building-material suppliers, and construction workers, Bandhoo aims to make the labour market more transparent and efficient. Founded by Prashant Gupta and Sridhar Sundaram in 2020, Bandhoo is a 15-member team based out of Gurugram and Bengaluru. Since February 2020, Bandhoo has about 6,500 SME construction contractors and over 35,000 construction workers on board.

The company serviced more than 10,000 jobs and over 500 tenders for SME contractors across more than a dozen cities in India. With this transaction, Unitus Ventures has completed its 12th investment in the job-tech category, the statement said. The fragmentation and opacity of the construction sector results in the loss of opportunity, time and revenues for all stakeholders, Bandhoo CEO Prashant Gupta said.

“To enhance the overall productivity of construction and reduce delays and cost overruns, Bandhoo brings transparency and ease of access across this value chain through mobile-first technology that connects builders and infrastructure companies to SME contractors, and SME contractors to migrant construction workers based on availability and location,” he added.

With such dramatically increased scale of supply, getting workers and labour contractors to any project site anywhere in India will be far easier and cost and time effective, he noted. Surya Mantha, senior partner at Unitus Ventures, said construction workers form the backbone of the Indian economy.

“Bandhoo delivers impact at scale for this segment of workers and enhances the productivity and business results of SMEs by connecting them with workers and large builders and contractors alike. “This will put India back on the global map in the coming decades as Bandhoo formalises a labour-intensive market like India,” he added.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.