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Accel Leads Series A Round In Management Platform Powerplay

Construction management platform Powerplay announced Wednesday that it has raised $7.14 million in a series A round led by Accel. The round, led by Sequoia Surge, India Quotient and Snapdeal founders Kunal Paul and Rohit Bansal, valued the company at $73.6 million. The startup claims to have seen 3 times growth in its operating system (OS) business in calendar year 2021. The cost of its construction from January to June 2022 was Rs 7,500 crore. Powerplay plans to use the funds to develop its core business, drive growth and strategically scale its operating system business domestically and internationally. The startup also plans to use the capital to expand its technology team. Founded in 2020 by Ish Dixit and Shubham Goyal, Powerplay offers a comprehensive construction management platform. The platform facilitates communication and coordinates collaboration between construction sites and headquarters teams. This site is used by specialty contractors, general contractors and builders to manage site work, materials and labor.

Powerplay offers a free version for use by web and office teams and sells premium products such as project management, financial management and procurement management. So far, the Bangalore-based startup has raised a total of around $13 million. India Quotient was the first institutional investor to invest in the startup, followed by an investment from the founders of Snapdeal. “Our previous funding helped us grow our team and we have almost doubled in size since then,” said Powerplay CEO Dixit.

“Receiving a second round of funding from existing investors shows their confidence in the market acceptance of the team, product and technology. Construction is one of the main drivers of the Indian economy, but it still uses complex and outdated solutions. We help industry reduce construction costs and time by introducing intelligent management through technology. He added: “We have a great mission to accelerate the development of social and economic infrastructure in the country.

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BusinessUpdater

An MBA in HR and Marketing from AIMS Institute (Bangalore University), He heads digital business he has a rich experience that he has garnered from his previous organisations Including leading Banks, NBFCs & Genpact India. He is a serial entrepreneur and the founder of Heavy Group of Companies.

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