Powerplay, a construction management platform, has raised $7 million in its fresh fundraising round from Accel India and a clutch of angel investors.
According to regulatory filings with the Registrar of Companies (ROC), the board of directors of Powerplay has decided to issue 2,360 Series A1 CCPS at an issue price of Rs 2,40,860 per share to raise Rs 56.84 crore or $7 million.
Accel India led the round with Rs 39.8 crore, while IQ Alpha and Surge Ventures invested Rs 6.21 crore and Rs 9.94 crore, respectively. Apart from this, two early investors of the company Rohit Kumar Bansal and Kunal Bhal also contributed Rs 43 lakh.
Through this investment, Accel became the top shareholder with 19% stake, followed by IQ Alpha and Surge with 16.84% and 13% stake respectively.
The Bengaluru-based Powerplay was founded in 2019 by Iesh Dixit and Shubham Goyal, It streamlines site-to-office communication for construction and architectural projects. Construction organizations can use their platform to track progress, attendance and material management, invoicing, issue tracking and budget management.
The startup’s app has 500K downloads and claims to have helped 500 construction enterprises in the past three years.
The startup is yet to disclose its financial details for FY22. Nevertheless, it was a pre-revenue stage company till FY2021, with operating revenue of Rs 3.5 lakh in the financial year ended March 2021.
In July 2021, Powerplay had raised $5.2 million in its Series A funding round from Accel Partners and Sequoia Capital India’s Surge.
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