Powerplay, a construction management platform raises its latest round of funding led by Accel and Sequoia surge. Venture Capitals - Accel and Sequoia doubled down their investment in the construction tech start-up. The platform raised $7.14 million via the latest series-A round led by Accel and participated by Sequoia Surge, India Quotient, and the founders of Snapdeal.
This being the second funding in the last 13 months, the start-up will be using the funds to scale its core business.
Since its inception in 2020, Powerplay has raised about $13M in total. India Quotient was the first institutional investor to take a high conviction contrarian bet on the start-up. The funding was then followed by Kunal Bahl and Rohit Bansal, co-founders of SnapDeal.
Commenting on their latest funding, Iesh Dixit, co-founder and CEO, Powerplay, said: “Thrilled, is the word I would use if I had to express myself in a word. Having received a second round of funding from existing investors shows their belief in the team, product, and tech adoption in the market. Construction is one of the key contributors to the Indian economy but still uses clunky & archaic solutions. We are helping the sector to reduce its construction costs and time by enabling smart management via the use of technology. We are on a larger mission of accelerating the growth of socio-economic infrastructure in the country.”
Highlighting their current business strategy, Shubham Goyal, co-founder and CTO, Powerplay, said: "With national and international expansion being on our radar, we are working toward making self-serve software and building intuitive product flows. This would reduce human intervention and help us scale faster. While we are expecting to grow our OS user base, we are committed to delivering a glitch-free experience as we scale. To meet this promise, we are working towards expanding our tech team by bringing in a few industry leaders."
Powerplay is a bengaluru-based construction management platform for all construction stakeholders. Designed to declutter the daily chores at construction sites, Powerplay provides an all-inclusive platform to track real-time data and manage - tasks, labor, and materials.