Powerplay, a construction management platform, raised $7.14 million via the latest Series A funding round, which Accel led. Sequoia Surge, India Quotient and the founders of Snapdeal also participated in the capital raising round, the second by the start-up in 13 months.
The Bengaluru-based start-up will use this infusion of funds to scale its core business as it aims for a three-fold growth this calendar year over the last in its operating system (OS) business. The value of construction assignments managed on Powerplay from January to June 2022 was around Rs 7500 crore. Its app contributed Rs 7000 crore to its January to December 2021 revenues.
This contribution has validated the thesis of its co-founders, Iesh Dixit and Shubham Goyal, of becoming the de facto OS for the construction sector. To further elevate this growth, the construction management start-up is looking forward to strategically scaling its OS business nationally and internationally.
Since its inception in 2020, Powerplay has raised about $13 million. India Quotient was its first institutional investor. Kunal Bahl and Rohit Bansal, co-founders of SnapDeal, later backed it.
Powerplay also raised capital from Accel, which helped it create its product strategy. Its participation in Sequoia's Surge programme helped connect with a large community of start-up founders and learn the game's rules.
Commenting on the latest funding, Dixit, who is also the company's CEO, said, "Construction is one of the key contributors to the Indian economy but still uses clunky and archaic solutions. We are helping the sector reduce its construction costs and time by enabling smart management via technology."
Highlighting their current business strategy, Goyal, co-founder and CTO, added, "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 expect 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."
Powerplay is a software-as-a-service (SaaS) construction management platform that aids in the simplification of communication and synergising collaboration between construction sites and central office teams. This includes specialty and general contractors as well as builders who manage site work, material and manpower. It attempts to declutter the daily chores at construction sites by providing an all-inclusive platform to track real-time data and manage tasks, labour and materials.
The company's immediate action plan is to expand its software offering to cater to wider segments of global users. With the high penetration of iOS users in the US market, creating a universal application that runs cohesively across platforms, be it Android, iOS or the web, will be its key focus area for the next few months.