Construction management app Powerplay raises $7 million in funding led by Accel India
Powerplay, a construction management firm, has secured $7 million in a new fundraising round headed by Accel India and joined by other current investors. This would be the firm’s second investment round in the last 13 months. According to the company’s regulatory filings with the Registrar of Companies (RoC), the board of directors of Powerplay passed a special resolution 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 latest round with Rs 39.8 crore, while IQ Alpha and Surge Ventures each contributed Rs 6.21 crore and Rs 9.94 crore. Rohit Kumar Bansal and Kunal Bhal, two early investors in the company, also contributed Rs 43 lakhs apiece. Following this financing, Accel became the top shareholder with a 19% stake, followed by IQ Alpha and Surge with 16.84% and 13% stakes, respectively. Iesh Dixit and Shubham Goyal, co-founders, were collectively diluted to 41.1%.
The company raised $5.2 million in its Series A, led by Accel Partners and Sequoia Capital India’s Surge, in July 2021. Surge’s accelerator program’s fifth cohort included the Bengaluru-based firm. Powerplay, founded in 2019 by Iesh Dixit and Shubham Goyal, streamlines site-to-office communication for construction and architectural projects. Construction organizations can use it to track progress, attendance and material management, invoices, issue tracking, and budget management.
Sensor Tower claims that its app has 500K downloads, and PowerPlay claims to have assisted 500 construction enterprises in the last three years. Powerplay has yet to disclose its financial statements for FY22; nonetheless, it was a pre-revenue stage company till FY21, with operational revenue of Rs 3.5 lakh in the fiscal year ending March 2021. During the same period, their losses increased to Rs 1.85 crore. Accel, the early backers of Flipkart, Freshworks, Swiggy, Spinny, Vedantu, Zetwerk, Infra. Market, and Moglix, launched a $650 million India fund in March to support early and growth-stage firms.
Powerplay seems to be a fascinating startup with a motivating turn of events on the technology, information and internet platform. Best wishes for the new startup business venture. I know that the team worked incredibly hard on it.Shishir Gupta, Founder and CEO, StartupLanes
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