Construction supply platform ZippMat has raised $10 Mn in a mix of equity and debt as part of its seed funding round. The round was led by Matrix Partners India. The fundraise also saw participation from existing investor Zephyr Peacock, HDFC Bank and TradeCred.
The company will use the fresh funds to scale its user base, digitize supply chain, innovate products and expand the team.
Founded in 2021 by Abhijeet Kudva and Nandeesh Hasbi, the Bengaluru-based startup is a full-stack supply chain platform for the construction industry. It procures construction material for engineering and construction companies and delivers the material to the desired location. It claims to resolve three problems in the construction industry – project execution delays, increased project costs and access to working capital.
ZippMat manages the entire supply chain and delivery of construction materials. It further helps businesses track their delivery and manage multiple vendors at the same time, according to its website.
It offers services to more than 30 customers across 10 product categories. The startup currently delivers construction materials in 10 states in the country. ZippMat clocked an annual revenue of over INR 100 Cr in the fiscal year 2021, it said.
“The construction industry contributes to over 5% of our GDP. Yet, this is one of the most archaic industries with no proper solution to bridge the various communication gaps. ZippMat is building a platform to help our construction community manage their entire supply needs, from planning to order to delivery at the site. The company’s mission is to disrupt the entire supply chain and act as a one-stop shop for contractors and suppliers in the construction industry,” said Kudva, Co-founder and CEO, ZippMat.
“We have seen significant tailwinds of digitization and formalization across MSMEs in the construction space. ZippMat, with its tech-led procurement and financing solutions is enabling construction companies to grow faster than ever before while reducing costs,” said Sudipto Sannigrahi, Principal, Matrix India.
Also, Read This: Aditya Birla Group Is Planning To Invest Rs 700 crore In Gorakhpur