Powerplay raises $7M in Series A led by Accel and Sequoia Surge
Construction management firm, on Thursday announced that it has raised $7.14 million in its Series A funding led by existing investors Accel and Sequoia Surge. India Quotient and the founders of Snapdeal also participated in the round.
This is the second round of funding for Powerplay in the last 13 months. In June last year, the startup secured $5.2 million in Series A round from the same investors.
The latest capital infusion will be used by the company to scale its core business.
According to a press statement, Powerplay accounted for a three-fold growth (compared to complete CY 2021) in its OS (operating system) business. The value of construction managed on Powerplay from January to June 2022 equates to Rs 7500 crore (the app has trumped the performance of CY 2021 which was Rs 7000 crore), the release added. To further elevate this growth, the company is looking forward to strategically scaling its OS business, both nationally and internationally.
Since its inception in 2020, Powerplay has raised about $13 million in total. India Quotient was the first institutional investor to make a bet on the startup. The funding was then followed by Kunal Bahl and Rohit Bansal, co-founders of Snapdeal. The following investment from VCs - Accel and Sequoia helped Powerplay to prove its thesis to be an OS for India’s construction sector. Accel deeply helped Powerplay to create the product strategy and Sequoia's Surge program helped them connect with a community of Surge founders who are many steps ahead in their respective niches.
Iesh Dixit, Co-founder and CEO, Powerplay, said,
“Our previous funding helped us scale our team size, and we almost doubled since then. Through the current funding, we aim to deepen our roots by nurturing our core business and widen our branches by developing an easy-to-use construction management platform for construction businesses around the world. Having a competitive edge in the market by being the first mover and such marquee investors to back our product, the sky's the limit.”
What's next for Powerplay?
The company will look towards making self-serve software and building intuitive product flows, according to Powerplay's co-founder and CTO, Shubham Goyal. "This would reduce human intervention and help us scale faster. While we are expecting to grow our OS user base, we are committed to delivering a glitch-free experience as we scale," he says.
Goyal also said, “Expanding our software offering to cater to wider segments of global users is on our immediate action plan. With high penetration of iOS users in the US market, creating a universal application which runs cohesively across platforms (android, iOS, and web) will be our key focus area for the next few months.”
Founded by Iesh Dixit and Shubham Goyal, Powerplay is an end-to-end construction management SaaS platform that aids in the simplification of communication and synergising collaboration between construction sites and central office teams. Speciality contractors, general contractors and builders manage site work, material and labor on Powerplay.
A free version is available for site and office teams to use on android and iOS. Powerplay's premium products - project management, financial management and procurement management are made for the office teams and are available on their web app.