Ankur Capital and Omidyar Network India led a $3.2 million (Rs 25.5 crore) seed fundraising round for the construction technology firm Project Hero. Additionally, angel investors including Titan Capital and others took part in the round.
The money will be used by the company to develop its technology, bring on more talent for the platform, and increase its market share. Previously, in July 2021, Titan Capital, Anupam Mittal, and Varun Alagh invested $450,000 in the startup.
Project Hero, a company founded by IIT Roorkee grads Satya Vyas, Pukhraj Grewal, and Raghu Chopra, is creating the biggest marketplace for tech-enabled workers. They are establishing a product-focused business that unites skilled workers, real estate firms, and contractors and subcontractors.
“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 to the labour both. Due to 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. But with the advent of mobile phone penetration, we feel this can be changed,” Satya Vyas, founder and CEO, Project Hero, said.
They are a bunch of enthusiasts who have diverse experiences to build and grow startups from scratch.
“The trust deficit among key stakeholders in the industry leads to sub-optimal outcomes for all, with workers being excluded from a ‘professional’ experience around their work and career. By leveraging technology to bring transparency into working hiring and engagement, Project Hero is building a trusted platform that can tap into a large market opportunity,” said Krishnan Neelakantan, partner, Ankur Capital.
About Project Hero
Project Hero is a fast-moving organization that is on a mission to solve construction business problems through tech enablement and want to create exponential job opportunities for the people who want to be skilled in the construction environment.
They wanted to solve the Skilled Labor issues, Labor shortage issues, Attendance issues, Labor Discovery issues and therefore they came up with the idea to develop a tech-enabled marketplace to match the demand.