HomeFunding AlertPowerplay Raises $7.2 Million led by Accel

Powerplay Raises $7.2 Million led by Accel

Bengaluru-based Startup, Powerplay has raised $7.2 million in a new financing round led by Accel India and participated by other existing investors, IQ Alpha, Surge Ventures and angle Kunal Bahl (Co-founder Snapdeal), Rohit Kumar Bansal.

According to the company’s regulatory filings with the Registrar of Companies (RoC), the board of directors of Powerplay passed a special resolution to issue 2,360 Series A1 CCPS at an issue price of Rs 2,40,860 per share to raise Rs 56.84 crore, or $7.2 million.

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Accel India spearheaded the new round with Rs 39.8 crore while IQ Alpha and Surge Ventures pumped in Rs 6.21 crore and Rs 9.94 crore respectively. Early angels in the company, Rohit Kumar Bansal and Kunal Bhal also participated with Rs 43 lakhs each.

After this round, Accel became 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%.

The company raised $5.2 million in its Series A, led by Accel Partners and Sequoia Capital India’s Surge, in July 2021. Surge’s accelerator program’s fifth cohort included the Bengaluru-based firm.

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Founded in 2019 by Iesh Dixit and Shubham Goyal, a Mobile-based operating system to manage construction & architectural projects. PowerplayOS is a mobile app ecosystem that simplifies site-to-office communication to manage construction & architectural projects.

Sensor Tower reports that its app has 500K downloads and Powerplay has helped 500 construction companies in the last three years, according to Sensor Tower.

Ankush Kumar
Ankush Kumarhttps://www.marketmoney.in
Ankush Kumar is the Founder of Market Money. He is an expert in Banking and Finance. He has appeared in B.Com (Banking & Finance) From Govt. College in Lucknow.

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