Construction management platform Powerplay, on Wednesday announced that it has raised $7.14 million in its series-A round led by Accel. The round, which saw participation by Sequoia Surge, India Quotient, and Snapdeal founders Kunal Bahl and Rohit Bansal, valued the company at $73.6 million.
The startup claims that it witnessed a 3 times growth in its operating system (OS) business in comparison to the calendar year 2021. The construction value managed by it stood at Rs 7500 crores between January to June 2022.
Powerplay plans to use the funds to scale its core business, fuel its growth, and strategically scale its OS business, both nationally and internationally. The startup also plans to deploy funds in expanding its tech team to ensure a glitch-free experience as it scales.
Founded by Iesh Dixit & Shubham Goyal in 2020, Powerplay offers an end-to-end construction management platform. The platform simplifies communication and synergises collaboration between construction sites and central office teams, it said in a release. The platform is used by speciality contractors, general contractors and builders to manage site work, material and labour.
Powerplay offers a free version for the site and office teams' use and sells premium products such as project management, financial management and procurement management.
So far, the Bengaluru-based startup has raised about $13 million in total. India Quotient was the first institutional investor to invest in the startup, followed by funding from Snapdeal co-founders. “Our previous funding helped us scale our team size, and we almost doubled since then,” said Dixit, chief executive, Powerplay.
“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 and 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,” he added.