Construction management platform Powerplay announced on Wednesday that it raised $7.14 million in its Accel-led Series A round. The round, which featured Sequoia Surge, India Quotient and Snapdeal founders Kunal Bahl and Rohit Bansal, valued the company at $73.6 million.
The startup claims to have witnessed a 3x growth in its operating system (OS) business over calendar year 2021. The build value handled by it stood at Rs 7,500 crores between January and June 2022.
Powerplay plans to use the funds to expand its core business, fuel its growth and strategically expand its operating system business, both domestically and internationally. The startup also plans to deploy funds to expand its tech team to ensure a smooth 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 synergizes collaboration between construction sites and central office teams, he said in a statement. The platform is used by trade contractors, general contractors and builders to manage jobs, materials and labor on site.
Powerplay offers a free version for use by site and office teams and markets premium products such as project management, financial management and purchasing 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 increase the size of our team, and we’ve nearly doubled since,” said Dixit, chief executive of Powerplay.
“Having received a second round of funding from existing investors shows their confidence in the market adoption of the team, product and technology. Construction is one of the major contributors to the Indian economy, but still uses clumsy and archaic solutions. We help the industry reduce construction costs and times by enabling smart management through the use of technology. We have a broader mission to accelerate the growth of the country’s socio-economic infrastructure,” he added.