Construction management

Construction management app Powerplay raises $7 million in funding led by Accel India

Funding Alert

  • ByStartup Story | August 31, 2022

power playa construction management company, secured $7 million in a new fundraising round led by Accel India and joined by other current investors. This would be the company’s second round of investment in the past 13 months. According to the company’s regulatory filings with the Registrar of Companies (RoC), Powerplay’s board of directors has passed a special resolution to issue 2360 Series A1 CCPS at an issue price of Rs 2,40,860 per share to raise Rs 56.84 crore, or $7 million.

Accel India led the latest round with Rs 39.8 crore, while IQ Alpha and Surge Ventures each contributed Rs 6.21 crore and Rs 9.94 crore. Rohit Kumar Bansal and Kunal Bhal, two early investors in the company, also contributed Rs 43 lakhs each. Following this financing, Accel became the largest shareholder with a 19% stake, followed by IQ Alpha and Surge with 16.84% and 13% of the shares respectively. Iesh Dixit and Shubham Goyal, co-founders, were collectively diluted to 41.1%.

power play

The company raised $5.2 million in its Series A, led by Accel Partners and Sequoia Capital India’s Surge, in July 2021. The fifth cohort of Surge’s accelerator program included the Bengaluru-based company. Powerplay, founded in 2019 by Iesh Dixit and Shubham Goyal, streamlines site-to-office communication for construction and architectural projects. Construction organizations can use it to track progress, attendance and material management, invoices, issue tracking, and budget management.

Sensor Tower claims its app has 500,000 downloads and PowerPlay claims to have helped 500 construction companies over the past three years. Powerplay has yet to disclose its FY22 financials; nevertheless, it was a pre-revenue stage business till FY21, with operational revenue of Rs 3.5 lakh in the fiscal year ending March 2021. During the same period, their losses increased to Rs 1.85 crore. Accel, early backers of Flipkart, Freshworks, Swiggy, Spinny, Vedantu, Zetwerk, Infra. Market and Moglix launched a $650 million Indian fund in March to support start-up and growth-stage companies.

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