Powerplay raises another round of funding, Accel and Sequoia Surge double down their investment
Powerplay will use the raised funds to grow its Operating System (OS) business and to expand globally
September 8: Powerplay, India’s first construction management platform today announced its latest round of funding led by Accel and Sequoia surge. Venture Capitals – Accel and Sequoia doubled down their investment in the construction tech start-up. The platform raised $7.14M via the latest series-A round led by Accel and participated by Sequoia Surge, India Quotient, and the founders of Snapdeal.
This being the second funding in the last 13 months, the start-up will be using the funds to scale its core business. 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 INR 7500 crores (the app has trumped the performance of CY 2021 which was INR 7000 crores). This validates their thesis of becoming an operating system (OS) for construction. To further elevate this growth, the construction management startup is looking forward to strategically scaling its OS business, both nationally and internationally.
Since its inception in 2020, Powerplay has raised about $13M in total. India Quotient was the first institutional investor to take a high conviction contrarian bet on the start-up. The funding was then followed by Kunal Bahl and Rohit Bansal, co-founders of SnapDeal. The following investment from India’s top 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 great community of surge founders who are many steps ahead in their respective niches.
Commenting on their latest funding, Iesh Dixit, co-founder and CEO, Powerplay, said: “Thrilled, is the word I would use if I had to express myself in a word. Having received a second round of funding from existing investors shows their belief in the team, product, and tech adoption in the market. Construction is one of the key contributors to the Indian economy but still uses clunky & archaic solutions. We are helping the sector to reduce its construction costs and time by enabling smart management via the use of technology. We are on a larger mission of accelerating the growth of socio-economic infrastructure in the country.”
Highlighting their current business strategy, Shubham Goyal, co-founder and CTO, Powerplay, said: “With national and international expansion being on our radar, we are working toward making self-serve software and building intuitive product flows. 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. To meet this promise, we are working towards expanding our tech team by bringing in a few industry leaders.”
“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,” Dixit added.
Goyal further adds, “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.”
Powerplay is a Bengaluru-based construction management platform for all construction stakeholders. Designed to declutter the daily chores at construction sites, Powerplay provides an all-inclusive platform to track real-time data and manage – tasks, labor, and materials.