Bandhoo, a construction technology and services company, has raised Rs 7.35 crore ($0.9 million) in a pre-Series A funding round led by Venture Catalysts, an integrated incubator. The round also saw participation from several angel investors, including Neeraj Aggarwal, Manish Gupta, S Srinivasan, Amit Khera, and Abhishek Kumar.
Bandhoo’s Offerings and Growth
Bandhoo was founded in 2020 by Prashant Gupta and Sridhar Sundaram, with the aim of streamlining the construction processes and empowering the stakeholders across the real estate, infrastructure, and construction domains. The company offers multiple cloud-SaaS and marketplace solutions that cater to the needs of developers, builders, contractors, PMCs, material suppliers, and construction workers.
Bandhoo claims that it has more than 20 developers, 10,000 material suppliers, 1 lakh contractors, and 2.5 lakh construction workers using its platform. The company leverages data analytics, artificial intelligence, and machine learning to ensure efficient project management and uninterrupted operations.
Bandhoo had previously raised $1.5 million in its seed round in June 2021 from Unitus, InfoEdge Ventures, and Bharat Innovation Fund. The company plans to use the fresh capital to further invest in its product development and go-to-market strategy.
Venture Catalysts’ Vision and Support
Venture Catalysts is one of India’s leading incubators and early-stage investors, which typically invests $250K – $2 Mn in disruptive startups. The incubator has invested in over 300 startups since its inception, across sectors such as fintech, healthtech, edtech, consumer, and B2B.
Dr. Apoorva Ranjan Sharma, Director & MD of Venture Catalysts, said, “Bandhoo’s mission to streamline construction processes aligns perfectly with our vision of fostering disruptive technological solutions in India. Their innovative approach and comprehensive offerings address critical pain points in the construction industry, propelling efficiency and driving growth. We are excited to partner with Bandhoo on their journey to redefine India’s construction landscape and look forward to catalysing their expansion into new horizons.”
The other investors who participated in the round also expressed their confidence and support in Bandhoo’s potential to transform the construction sector with its technology and services.
Construction Tech: A Growing Market
The construction sector is one of the largest and most important sectors in India, contributing to about 8% of the GDP and employing over 50 million people. However, the sector also faces several challenges, such as low productivity, high costs, delays, quality issues, labour shortages, and environmental impact.
Technology can play a vital role in addressing these challenges and improving the efficiency, transparency, and profitability of the construction sector. According to a report by Research and Markets, the global construction technology market is expected to grow at a CAGR of 16.5% from 2020 to 2027, reaching $274.8 billion by 2027.
Bandhoo is one of the emerging players in the construction tech space in India, which is witnessing increased adoption and innovation. The company competes with other startups such as Infra.Market, BuildSupply, Brick&Bolt, Zepth, and BuildNext, among others.
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