Modulus Housing, a proptech startup, raised Rs 70 crore ($7.83 million) in its Series A round, which was led by Hero, Samarthya, and Kalaari Capital. The round also saw participation from SVAS, Sigma, Zetwerk founder Srinath, Sanjiv Rangrass, and other investors.
This is the company’s first institutional funding.
Founded in 2018 by Shreeram Ravichandran and P. Modulus Housing and Gobinath use a factory-made modular building construction model. It uses a cloud manufacturing network made up of partner factories and a proprietary product suite to produce structures for low-rise infrastructure.
The business claims to be profitable, with over Rs 200 crore in total revenue. The company’s operating revenue increased 38% to Rs 54 crore in FY24 from Rs 39 crore in the previous fiscal year. It didn’t disclose its FY25 numbers.
The proceeds will be used for market expansion across India and select global markets, advanced R&D, a next-generation concrete modular system, and scaling its cloud manufacturing network. Additionally, Modulus intends to develop its green concrete technology for use cases involving distributed infrastructure.
The company claims to have finished more than 1,500 structures in 21 Indian states as well as portions of Africa. These include modular hospitals, cold storage units, site offices, schools, and distributed infrastructure projects.
With its headquarters located in Chennai, Modulus Housing intends to grow throughout India and emerging markets.
