Sequoia Capital India’s Surge on Friday announced its third investment from latest cohort Sequoia Surge 05 of 23 companies. It said it has co-led a $5.2 million (about Rs 38.8 crore) seed round of funding with Accel Partners into Coffer Internet Services, which runs construction management app Powerplay.
India Quotient and Snapdeal founders Rohit Bansal Kunal Bahl also invested in the funding round, as per a statement.
Powerplay is a free mobile app that connects multiple stakeholders involved in construction projects to communicate and collaborate. Project managers, workers and partners can use the app to track progress, deliverables and payments, and streamline project management processes.
The app can also be used to track employee attendance, budgeting and invoicing, as well as issues and material management. It is built for projects of all sizes.
Launched in October 2020, Powerplay’s Android and iOS devices-enabled app is currently used by over 35,000 contractors across 800 Indian cities, the statement said.
Over 5,000 projects have been managed on the app, with more than 200 hours reportedly saved each week by contractors, the statement added.
“By empowering construction workers and contractors with technology, we are driving the growth of crucial infrastructure required for economic and social progress in the country. We’re committed to keep learning from our users, and will be dedicating the new funding into building a world class team and product improvements to digitise the industry one step at a time,” founder and CEO Iesh Dixit said.
The Bengaluru based startup was founded in December 2019 by IIT Roorkee graduates Dixit and Shubham Goyal.
Having started up a couple of times, Dixit also previously worked at B2B online marketplace Jumbotail, while Shubham worked at Samsung, where he was part of the team that designed the smartphone maker’s S10 camera software.
As per government of India’s Invest India estimates, the construction industry in the country expected to become the third largest globally by 2025 and grow by 7.1% each year.
The sector was the second largest employer in India in 2017, and is now the second largest FDI recipient sector for India in the fiscal gone by.