Sequoia’s Surge, others bet on app for construction management
Early stage venture capital firms Accel and India Quotient and Sequoia Capital’s accelerator Surge have invested in a construction site management app, the platform’s co-founder told VCCircle.
The entities have piled into software as a service (SaaS) app Powerplay, run by Bengaluru-based Coffer Internet Services Pvt. Ltd, Iesh Dixit said without mentioning the investment amount. “We will be looking to improve our product to accelerate towards our vision of digitizing the Indian construction industry by using these funds,” he added.
Sources said the deal value was definitely above $5 million ( ₹37 crore). The investors and Powerplay didn’t respond to queries till press time.
Powerplay was launched in 2019 by Iesh Dixit and Shubham Goyal, alumni of IIT Roorkee. Dixit did a stint in B2B grocery delivery startup Jumbotail, while Goyal was associated with Samsung Electronics.
Powerplay offers solutions for progress tracking, attendance and material management, invoices, automated reporting, issue tracking, and budget management. The app is available on Android and iOS devices.
Accel, formerly Accel Partners, has invested in Powerplay from its new $550 million fund, which was raised in December. The fund seeks to make seed and early-stage bets on Indian startups. The VC firm has been the first institutional backer of Acko, Blackbuck, Bounce, BookMyShow, Vedantu, Clevertap, Curefit, Mindtickle, Moglix, Ninjacart, Portea, StanzaLiving and UrbanClap. Its bets also include deep-tech startup Ederlabs, social e-commerce platform CityMall and AI-based startup Bayestree Intelligence Pvt. Ltd.
In February, India Quotient had launched its fourth fund which seeks to raise $80 million (about ₹582 crore).
India Quotient was founded by Anand Lunia and Madhukar Sinha. Lunia was chief financial officer of venture capital firm Seedfund, while Sinha was a senior investment manager at social impact investor Aavishkaar. India Quotient has invested in close to 70 startups, including Lendingkart and ShareChat. Nearly 80% of its startups have gone on to raise funds for follow-on rounds from global investors.
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