Project Hero, an India-based construction tech startup, has raised $3.2m (around Rs255m) in seed funding round that was led by Ankur Capital and Omidyar Network India, according to media reports.
The seed funding round had seen participation from Titan Capital and other angel investors, reported VCCircle.
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Project Hero plans to use the proceeds from the round to bolster its technology, hire more talent on the platform, and widen its market presence, reported Zee Business.
In July 2021, the startup had raised $450,000 from Titan Capital, Anupam Mittal and Varun Alagh.
Set up by Pukhraj Grewal, Raghu Chopra, Satya Vyas, who are alumni from IIT Roorkee, Project Hero helps contractors in recruiting and managing the workforce, usually construction workers of trades such as bar bending, shuttering masons, and painters among others.
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Project Hero claims to have more than 400,000 construction workers on its platform. It has placed more than 3,000 workers on projects.
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By GlobalDataVyas was quoted by The Economic Times as saying: “The Indian construction labour market is highly fragmented and fraught with multiple middlemen in between. They deliver a very bad experience to the contractor and the labour both. Due to a lack of avenues, labourers rely on these middlemen to find work and manage their earnings. These workers never become a part of a formal workforce because their employment record and payroll record is not formally captured anywhere but only on pen and paper at best.”
He further added: “Contractors lose significant time and money due to this existing structure. But with the advent of mobile phone penetration, we feel this can be changed. We also feel a product first approach is a right way to solve these problems.”
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Image: Project Hero plans to use the proceeds from the round to bolster its technology, hire more talent on the platform. Credit: Tom from Pixabay.
