Startup Onsite, which runs a tech platform for contractors to monitor their construction projects, has raised USD 1.5 million (about Rs 12.36 crore) in a funding round to expand its business.
The company in a statement said it has raised USD 1.5 million in a seed round from Artha Venture Fund, Foundamental, and Madhumala Ventures, amongst others. It will use the funds to accelerate its product development and expand its market footprint. The Delhi-based startup empowers small and mid-size construction businesses across 200 cities by standardising an otherwise unorganised construction ecosystem.
Akshansh Agarwal, Co-Founder and CEO Onsite, said that the company addresses the real challenges of the construction industry by empowering mid-sized construction businesses. “Our multi-lingual interface has enabled over 1 lakh businesses to streamline their operations through technology, easily and effortlessly,” it said.
The Onsite App helps construction businesses reduce the risk of delays and cost overruns with improved accountability and a boost in overall productivity. According to Housing.com, private equity (PE) investment in proptech firms rose 5 per cent to USD 270 million during the January-June this year. Between January 2009 and June 2022, the proptech companies in India has received a total of USD 3.42 billion in PE funding.
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