Construction software platform TraceCost raises $2.5 million in funding from OfBusiness
- ByStartupStory | July 28, 2022
TraceCost has received a $2.5 million strategic investment from the industrial goods and services procurement platform OfBusiness. According to a news release from OfBusiness, the acquisition will increase digital adoption in construction-focused enterprises across India, North America, and the Middle East.
Tracecost is an online real-time construction cost tracking software that provides real-time collaboration tools to manage construction project resources and money. Its software allows builders to remotely evaluate site activities, estimate appropriate inventory levels, and optimise delivery timelines.
OfBusiness, which is seven years old, assists businesses in sourcing raw materials and provides a site for enterprises to bid on government tenders. Importantly, it also claims to have over 5,000 consumers and 2,000 suppliers on the platform and offers collateral-free loans of up to Rs 2 crore.
It’s worth noting that Oxyzo, OfBusiness’ lending arm, just joined the unicorn club after raising one of the largest Series A rounds in history, valued at $200 million and headed by Alpha Wave. In December of last year, OfBusiness received $325 million at a $5 billion valuation.
While OfBusiness has yet to release its annual financial statement for FY22, the company’s size increased twofold in FY21, with operational revenue of Rs 1,748 crore. In the fiscal year ended March 2021, its profit increased by 73% and topped Rs 55 crore.
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