Construction management startup Powerplay on Thursday said it has raised USD 7.14 million (about Rs 56 crore) from investors to scale up its business.
The latest round of funding was led by Accel. “The platform raised USD 7.14 million via the latest series-A round led by Accel and participated by Sequoia Surge, India Quotient, and the founders of Snapdeal,” the statement said. This being the second funding in the last 13 months, the startup will be using the funds to scale its core business. The value of construction managed on Powerplay from January to June 2022 equates to Rs 7,500 crore.
Since its inception in 2020, Powerplay has raised about USD 13 million. Iesh Dixit, co-founder and CEO, Powerplay, said: “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 archaic solutions, he added.
“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,” Dixit said. Founded by Dixit and Shubham Goyal, Bengaluru-based Powerplay is an end-to-end construction management SaaS platform that aids in the simplification of communication and synergising collaboration between construction sites and central office teams. Speciality contractors, general contractors and builders manage site work, material and labour on Powerplay.
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