ZippMat raises $10M in a Seed round led by Matrix Partners India
This round also saw equity participation from existing investor Zephyr Peacock and debt participation from HDFC bank and TradeCred.
Thursday September 08, 2022,
3 min Read
, a startup focused on building for construction supply chain needs, has raised $10 million across equity and debt seed funding led by Matrix Partners India. The round saw equity participation from existing investor Zephyr Peacock and debt participation from HDFC bank and TradeCred.
The startup will use these funds to scale its user base, digitize the supply chain, bring in product innovation, and expand its team.
Founded in 2021, by Abhijeet Kudva and Nandeesh Hasbi, ZippMat is a Bengaluru-based full-stack SCaaS (supply chain as a service) enterprise that simplifies material procurement for engineering and construction companies by leveraging its extensive curated supplier and logistics network with technology-led services.
“The construction industry contributes to over five percent of our GDP. Yet, this is one of the most archaic industries with no proper solution to bridge the various communication gaps. We wanted to build a technological solution to open a new door for the future of this industry," said, Abhijeet Kudva, Co-founder and Chief Executive Officer (CEO) of ZippMat.
What's next for ZippMat?
As per Kudva, ZippMat's Supply Chain as a Service platform gives construction companies a collaboration tool to plan and manage their deliveries in a transparent and cheap manner. It is currently working on building a platform where companies can manage their entire supply needs all the way from planning an order to delivery.
“We want ZippMat to be a digital assistant for all contractors and suppliers to streamline and simplify their procurement processes," said Nandeesh Hasbi, Co-founder and Chief Business Officer (CBO), ZippMat,
In the past year, ZippMat has been backed by various angel investors, including- Nikhil and Bharat Jaisinghani (Executive Directors, Polycab), Hardik Shah (Founder, TradeCred), Sagar Agarwal (Founder, Beams VC), Kettleborough VC and Aditya Rao (MD Pennar Industries).
Its solutions help construction companies solve three of their most significant problems – project execution delays, increased project costs and access to working capital. Less than one year since operation, ZippMat has become one of the largest players in Karnataka with more than 100 Cr. in annualised revenue run-rate while operating profitably.
"We have seen significant tailwinds of digitisation and formalisation across MSMEs in the construction space. ZippMat, with its tech-led procurement and financing solutions is enabling construction companies to grow faster than ever before while reducing costs. Abhijeet and Nandeesh bring years of experience of solving supply chain problems for the construction industry and we are pleased to partner with them on this journey ahead," said Sudipto Sannigrahi, Principal, Matrix India.