ZippMat, a service platform for the construction supply chain, has raised $10mn in an equity and debt round led by Matrix Partners India. Existing Investors Zephyr Peacock also participated in the equity financing while HDFC and TradeCred took part in the debt funding. The Bengaluru-based start-up will utilise the latest funds to scale up its user base, digitize the supply chain, bring in product innovation and expand its team from the current 25 people.
The debt component will enable the start-up to provide working capital solutions to contractors, Co-Founder Abhijeet Kudva said. The start-up founded in 2021 by Kudva and Nandesh Hasbi, simplifies material procurements for engineering and construction companies by leveraging its suppliers and logistics network.
“ZippMat is building a platform to help our construction community manage their entire supply needs, from planning to order to delivery at the site, Chief Executive Kudva said. “Our platform provides a real-time collaborative tool for construction companies to plan and manage their supply deliveries transparently and cost-effectively.”
The solutions help construction companies solve project execution delays increased project costs and access to working capital. ZippMat serves 30 customers across 10 product categories while delivering at project sites across 10 states. In Karnataka, ZippMat has more than Rs 100 crore in annualized revenue run-rate while operating profitability.
Hasbi, Co-Founder and Chief Business Officer, added, “We want ZippMat to be a digital assistant for all contractors and suppliers to streamline and simplify their procurement processes. Our dedicated logistics team has built a pan India logistics network to ensure we deliver materials on time and help reduce project delays.”
