ZippMat raises $10 million under the direction of Matrix Partners, HDFC Bank

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The Bengaluru-based construction supply company ZippMat announced on Thursday that it had raised $10 million (around the equivalent of Rs75 crore) which was led by Matrix Partners India in a combination of equity and debt financing round.

The fundraiser also had participation from an existing investor Zephyr Peacock HDFC Bank and TradeCred.

ZippMat will make use of the fresh money to expand its user base, digitalize the supply chain, develop new products, and increase the size of the team.

Created by Abhijeet Kudva and Nandeesh Hasbi in 2021, ZippMat is a platform that promises to streamline the procurement of materials for construction and engineering companies through its extensive, supply chain and logistics network, and a range of technology-driven services.

Read more Platform for cross-border payments iPiD is able to raise $3.3M in seed round of funding

“The construction industry accounts for more than 5percent of the GDP. But, it’s one of the most outdated industries that has no way to fill in the numerous communication gap. ZippMat is creating an infrastructure to help our construction industry handle their complete supply requirements from planning to order to delivery at the construction site. Its aim is to change the whole supply chain, and become an all-in-one resource for suppliers and contractors in the construction industry.” stated Kudva Co-founder and CEO of ZippMat.

“We have witnessed significant benefits of digitalisation and formalisation for MSMEs working in the construction industry. ZippMat is a technology-driven finance and procurement solutions can help construction firms increase their growth faster than ever before while reducing their costs,” explained Sudipto Sannigrahi, the Principal of Matrix India.

Established since 2006 Matrix Partners India has evolved over time from a quasi-private equity investment firm to a traditional venture capital company with a particular focus on startups in the field of technology.

The venture capital company was founded in 2009 by Avnish Bajaj as well as Rishi Navani, had started its first fund in 2009 with an initial capitalization of $150 million and then increased it by $300 million. Then it secured $300 million for its second fund in the year 2011.

VCCircle has previously revealed the fact that Matrix Partners India aims to raise $450 million for its fourth fund, Matrix Partners India IV, LP in accordance with an information filed with the US Securities and Exchange Commission (SEC).

Read more Platform for cross-border payments iPiD is able to raise $3.3M in seed round of funding

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