Early-stage venture capitalists Accel and India Quotient and Sequoia Capital Surge’s accelerator have invested in a construction site management app, the platform co-founder said. VCircle.
Entities crammed into the Powerplay software as a service (SaaS) application, operated by Bengaluru-based Coffer Internet Services Pvt. Ltd, said Iesh Dixit without mentioning the amount of the investment. “We will seek to improve our product to accelerate our vision of the digitization of the Indian construction industry using these funds,” he added.
Sources said the deal was definitely worth over $ 5 million ( ??37 crores). Investors and Powerplay only answered questions at the time of publication.
Powerplay was launched in 2019 by Iesh Dixit and Shubham Goyal, alumni of IIT Roorkee. Dixit made a stint at B2B grocery delivery startup Jumbotail, while Goyal was associated with Samsung Electronics.
Powerplay offers solutions for progress tracking, attendance and material management, invoices, automated reporting, issue tracking and budget management. The app is available on Android and iOS devices.
Accel, formerly Accel Partners, invested in Powerplay from its new $ 550 million fund, which was raised in December. The fund seeks to make seed and start-up bets on Indian startups. The venture capital firm was the primary institutional funder of Acko, Blackbuck, Bounce, BookMyShow, Vedantu, Clevertap, Curefit, Mindtickle, Moglix, Ninjacart, Portea, StanzaLiving and UrbanClap. His bets also include cutting-edge tech startup Ederlabs, social e-commerce platform CityMall, and AI-based startup Bayestree Intelligence Pvt. Ltd.
In February, India Quotient launched its fourth fund which aims to raise $ 80 million (approximately ??582 crores).
India Quotient was founded by Anand Lunia and Madhukar Sinha. Lunia was CFO of venture capital firm Seedfund, while Sinha was Senior Director of Investments at social impact investor Aavishkaar. India Quotient has invested in nearly 70 startups, including Lendingkart and ShareChat. Almost 80% of its startups have raised funds for follow-up rounds from global investors.
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