The company, which was founded last year, will use the funds for product development and expansion activities, according to a statement. The Delhi-based venture helps small and mid-size construction businesses across 200 cities.
“Our multilingual interface has enabled over 1 lakh businesses to streamline their operations through technology easily and effortlessly,” co-founder and CEO Akshansh Agarwal said in the statement.
Onsite’s clients use the platform to manage their business and connect with office and site teams. With a contractor-first view of construction, it automates regular tasks to ensure that project operations and finances are in sync. It also claims to deploy data analytics capabilities that improve cash-flow management and help contractors record higher profits, in an industry that employs over 50 million people.
“Considering that over 66% of construction companies in India are leaning towards digital transformation, we are confident that Onsite will play an integral role in benchmarking the Indian construction ecosystem with its international counterparts,” said Sipika Nigam, principal at Artha Venture Fund.
In its 2021 cohort, Sequoia Capital India’s Surge 05 programme, along with Accel Partners, had led a $5.2 million seed round of funding in a similar company, Coffer Internet Services, which runs construction management app Powerplay.
Discover the stories of your interest
Onsite is Artha’s 22nd investment from its Rs 225 crore (about $27.4 million at the current exchange rate) micro-venture capital fund. Backed by Singularity Holdings and the family office of former Bombay Stock Exchange director Ashok Kumar Damani, Artha’s portfolio of investments also includes digital P2P lender LenDenClub and spacetech startup AgniKul.
The umbrella entity Artha Group has investments in over 100 startups across India, the US, Israel, Africa, and the UK. Oyo, Purplle, LeverageEdu, Tala, Rapido, Karza Technologies and Exotel are among the other startups in its portfolio.
For all the latest Technology News Click Here
