Mumbai, December 08, 2022: Onsite, a Construction Tech startup, has raised $1.50 million in a seed round from Artha Venture Fund, Foundamental, and Madhumala Ventures, amongst others. The company 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 standardizing an otherwise unorganized construction ecosystem. This move marks Artha Venture Fund’s 22nd investment from its ₹225 crores micro-VC fund.
Onsite is a one-stop business solution for mid-sized construction businesses to manage their business and connect site and office teams. It takes a contractor-first view of construction, automating regular tasks to ensure that project operations and finances are in sync. Onsite’s technology is powered with data analytics capabilities, driving the business towards better cash flow management and higher profits for contractors.
Although the construction sector is India’s second-largest contributor to GDP and currently employs 50+ million people, small and medium contractors that dominate the industry still rely on manual record-keeping to track the progress. Onsite’s digital solution tackles such challenges and brings diverse stakeholders onto one platform.
Akshansh Agarwal, Co-Founder & CEO – Onsite, said, “Onsite addresses the real challenges of the construction industry by empowering the mid-sized construction businesses that are the backbone of the industry. Our multi-lingual interface has enabled over 1 lakh businesses to streamline their operations through technology, easily and effortlessly.”
Sipika Nigam, Principal – Artha Venture Fund, said, “Akshansh, Dheeraj, and Sumit make a strong founding team with proven experience in construction and technology. Their ability to counter complex challenges with simple yet effective solutions is noteworthy. 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.”
Onsite is building a cloud-based business management platform that empowers mid-sized businesses in financial and operational tracking of construction projects. Onsite leverages a mobile-first platform for contractors to monitor their construction projects, helping them with faster, better decision-making and smarter resource deployment. The Onsite App helps construction businesses reduce the risk of delays and cost overruns with improved accountability and a boost in overall productivity.
Artha Venture Fund (AVF) is India’s first early-stage micro-VC firm with a corpus of $33 million. Since its inception in late 2018, AVF has primarily funded and supported startups that operate as enablers and entities focused on solving the challenges of Indian consumers and businesses. The current fund allocates thematic investment for B2B, B2C/D2C, and D2C enablers.