Bengaluru-based construction supply chain platform ZippMat has secured $10 million in an equity and debt round led by Matrix Partners India. The round also saw participation from existing investor Zephyr Peacock in the equity finance while HDFC Bank and TradeCred in the debt funding.
The proceeds will be deployed to scale up its user base, digitize the supply chain, onboard product innovation, and build a more robust team, ZippMat said in a press statement.
Founded by Kudva and Nandeesh Hasbi in 2021, ZippMat simplifies material procurement for engineering and construction companies by leveraging its supplier and logistic network.
ZippMat’s solutions help construction companies solve project execution delays, increased project costs and access to working capital. The startup claims to have served more than 30 customers across 10 product segments while delivering at project sites in 10 states.
According to ZippMat, it became one of the largest players in Karnataka With more than Rs 100 crore in annualized revenue run-rate while operating profitability.