Construction management startup Tracecost has raised $2.5 million in funding from OfBusiness, a building material-focused B2B ecommerce platform.
The investment will boost digital adoption in manufacturing-focused enterprises in India, North America and the Middle East, according to a news release from OffBusiness.
Construction software platform TraceCost was founded in 2018 by Madhvi Walia, Prabh Paul and Sunny Vohra, It provides real-time construction management software for managing the resources and finances of construction projects.
Its platform allows builders to remotely evaluate site activities, estimate appropriate inventory levels, and optimize delivery timelines.
The Gurugram-based OfBusiness was founded in 2015 by Bhuvan Gupta, Vasant Sridhar, Ruchi Kalra, Nitin Jain, and Asish Mohapatra, It provides raw material procurement and credit facilities to small and medium-scale enterprises (SMEs) in the manufacturing and infrastructure sectors.
The company boasts of over 5,000 consumers and 2,000 suppliers on the platform and offers collateral-free loans up to Rs 2 crore.
With operating revenue of Rs 1,748 crore, the company doubled in size in FY 2021. And its profit grew 73 per cent to Rs 55 crore in the financial year ended March 2021.
In December 2021, OfBusiness had last raised $325 million in its Series G funding round from Alpha Wave Ventures II, Tiger Global Management and Softbank Vision Fund 2 at a valuation of around $5 billion.
Deliver consistency, transparency, and efficiency. Tracecost empowers teams to establish and maintain standard processes and procedures, make informed decisions, and improve outcome predictability. Successfully deliver projects every time.
Tracecost is a leading provider of cutting-edge technologies and services, offering scalable solutions for businesses of all sizes. Founded by a group of successful professionals who started by scribbling their ideas on a piece of paper, today they offer smart, innovative services to dozens of clients worldwide.