Powerplay, a construction management startup, has raised $7.14 million (about ₹56 crore) in the latest funding round led by Accel. Investors including Sequoia Surge, India Quotient, and the founders of Snapdeal have participated in the round. The company plans to scale up its core business through this fresh capital.
This would be Powerplay’s second round of funding in the last 13 months. Since its inception, the company has raised approximately $13 million.
Iesh Dixit, co-founder and CEO, of 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,” as reported by PTI.
The CEO added that construction is one of the key contributors to the Indian economy but still uses archaic solutions.
Further, Dixit stated that the company is helping the sector to reduce its construction costs and time by enabling smart management via the use of technology.
He further said that they are on a larger mission of accelerating the growth of socio-economic infrastructure in the country.
From January to June this year, the value of construction managed by Powerplay is to the tune of ₹7,500 crore.
Iesh Dixit and Shubham Goyal are the co-founders of the Bengaluru-based Powerplay.
Powerplay is a mobile app ecosystem that simplifies site-to-office communication for better collaboration on your construction projects.
Powerplay helps customers in managing their construction projects by offering them complete clarity through on-site updates. Easy collaboration keeps everyone in the loop, preventing rework and miscommunication. The company enables customers in managing their construction projects, all from a single app.
The company has more than 1 lakh download apps and has helped over 500 companies.
Start your day, the smart way!
1 Mail | 2 Minutes | 3 Stories