VC Fund Investments
Construction mgmt player Powerplay raises $7-M led by Accel
Bengaluru-based construction management startup Powerplay has raised USD 7 million in a financing round led by Accel India and participated by other existing investors. This would be the second funding round for the firm in the past 13 months. Powerplay is estimated to have been valued at around USD 75 million (INR 600 crore) post allotment. The company would issue 2,360 Series A1 Compulsory Convertible Preference Shares (CCPS) at an issue price of INR 2,40,860 per share to raise INR 56.84 crore or USD 7 million. Accel India led the new round with INR 39.8 crore while IQ Alpha and Surge Ventures invested INR 6.21 crore and INR 9.94 crore respectively. Angel investors Rohit Bansal and Kunal Bhal (Titan Capital) also participated with INR 43 lakhs each. Founded in 2019 by Iesh Dixit and Shubham Goyal, Powerplay simplifies site-to-office communication to manage construction and architectural projects. Powerplay claims to have helped 500 construction companies in the past three years. After the latest round, Accel has become the largest stakeholder with 19% share capital while IQ Alpha and Surge hold 16.84% and 13% stake respectively. Co-founders Iesh Dixit and Shubham Goyal collectively diluted to 41.1%.
From the Venture Intelligence PE-VC Deal Database: In Apr-2021, PowerPlay had raised USD 5.2 million in its Series A round led by Accel Partners and Sequoia Capital India with participation from India Quotient and others.(Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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