ZippMat, a service platform for construction supply chain, has raised $10 million in an equity and debt round led by Matrix Partners India.
Existing investor Zephyr Peacock also participated in the equity financing, while HDFC Bank and TradeCred took part in the debt funding.
The Bengaluru-based startup will utilise the latest funds to scale up its user base, digitise the supply chain, bring in product innovation, and expand its team from the current 25 people.
The debt component will enable the startup to provide working capital solutions to contractors, cofounder Abhijeet Kudva said.
The startup, founded in 2021 by Kudva and Nandeesh Hasbi, simplifies material procurement for engineering and construction companies by leveraging its supplier and logistics network.
“ZippMat is building a platform to help our construction community manage their entire supply needs, from planning to order to delivery at the site,” chief executive Kudva said in a statement. “Our platform provides a real-time collaborative tool for construction companies to plan and manage their supply deliveries transparently and cost-effectively.”
Its solutions help construction companies solve for project execution delays, increased project costs and access to working capital.
ZippMat serves over 30 customers across 10 product categories while delivering at project sites across 10 states.
Within less than a year of operation, ZippMat has become one of the largest players in Karnataka with more than Rs 100 crore in annualised revenue run-rate while operating profitably, it said.
Hasbi, cofounder and chief business officer, added, “We want ZippMat to be a digital assistant for all contractors and suppliers to streamline and simplify their procurement processes. Our dedicated logistics team has built a pan-India logistics network to ensure we deliver materials on time and help reduce project delays.”
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