[Portfolio News] Construction supply platform ZippMat raises $10 million in funding
Zephyr Peacock invests in small and medium sized enterprises operating across financial services, food and agriculture, and infrastructure ancillaries sectors. The Fund has made a follow on investment in ZippMat, a provider of tech-enabled supply chain services to construction companies
Commenting on the investment, Pankaj Raina, Managing Director, Zephyr Peacock, added, “ZippMat is growing as a SCaaS (supply chain as a service) by disrupting a $300 billion industry. What made us believe in Kudva and Hasbi was their passion to solve a crucial problem by developing a full- stack solution to serve the construction industry. Having run engineering companies, they showcased a proven track record in this space, and they understood the need of the hour. In a short span of 6 to 7 months they have developed an extensive curated supplier and logistics partner base. We are confident that with their focus on digitizing the supply chain, ZippMat will establish itself as one of the largest supply chain companies in the construction space.”
Click here to read the full story on ‘The Economic Times’
Below is an excerpt from the post that first appeared on The Economic Times on 8 September 2022:
ZippMat, a service platform for construction supply chain, has raised $10 million in equity and debt round led by Matrix Partners India.
Existing investor Zephyr Peacock also participated in the equity financing, while HDFC Bank and TradeCred took part in the debt funding.
The Bengaluru-based startup will utilise the latest funds to scale up its user base, digitise the supply chain, bring in the product innovation, and expand its team from the current 25 people.
The debt component will enable the startup to provide working capital solutions to contractors, cofounder Abhijeet Kudva said.
The startup, founded in 2021 by Kudva and Nandeesh Hasbi, simplifies material procurement for engineering and construction companies by leveraging its suppliers and logistics network.
