ZippMat raises $10M in a Seed round led by Matrix Partners India

8th September 2022. Bengaluru: ZippMat, a one-stop solution for construction supply chain needs, announced today that it has raised a combined amount of $10M across equity and debt in a Seed round led by Matrix Partners India. This round also saw equity participation from existing investor Zephyr Peacock and debt participation from HDFC bank and TradeCred.

ZippMat, founded in 2021 by Abhijeet Kudva and Nandeesh Hasbi, is a Bangalore-based full-stack SCaaS (supply chain as a service) enterprise that simplifies material procurement for engineering and construction companies by leveraging its extensive curated supplier and logistics network with technology-led services.

In the past year, ZippMat has been backed by various angel investors, including- Nikhil and Bharat Jaisinghani (Executive Directors, Polycab), Hardik Shah (Founder, TradeCred), Sagar Agarwal (Founder, Beams VC), Kettleborough VC and Aditya Rao (MD Pennar Industries).

ZippMat's solutions help construction companies solve three of their most significant problems '“ project execution delays, increased project costs and access to working capital. ZippMat today serves over 30 customers across 10 product categories while delivering at project sites across ten states in India. Within less than 1 year of operation, ZippMat has become one of the largest players in Karnataka with more than 100 Cr. in annualised revenue run-rate while operating profitably.

ZippMat will utilise these funds to scale its user base, digitize the supply chain, as well as to bring in product innovation, and expand its team.

Commenting on this fundraise, Abhijeet Kudva, Co-founder and CEO, ZippMat, 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. We wanted to build a technological solution to open a new door for the future of this industry. ZippMat is building a platform to help our construction community manage their entire supply needs, from planning to order to delivery at the site. Our SCaaS platform provides a real-time collaborative tool for construction companies to plan and manage their supply deliveries transparently and cost-effectively. 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.'

Nandeesh Hasbi, Co-founder and CBO, ZippMat, added, "We want ZippMat to be a digital assistant for all contractors and suppliers to streamline and simplify their procurement processes. We follow a full-stack approach to ensure that we procure high-quality supplies from our curated supplier network. Our dedicated logistics team has built a pan-India logistics network to ensure we deliver materials on time and help reduce project delays.'

"ZippMat is growing as a SCaaS by disrupting a $300B 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." said Pankaj Raina, MD, Zephyr Peacock.

Sudipto Sannigrahi, Principal, Matrix India, commented, "We have seen significant tailwinds of digitisation and formalisation 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. Abhijeet and Nandeesh bring years of experience of solving supply chain problems for the construction industry and we are pleased to partner with them on this journey ahead.'

About ZippMat:
ZippMat is a full-stack SCaaS high-growth tech startup setup with a mission to simplify supply chains for the construction industry. ZippMat provides complete end-to-end services to ensure construction companies can procure a comprehensive suite of high quality products, at the lowest price, on time every time with attractive working capital solutions. ZippMat's solutions have helped contractors achieve a significant reduction in project costs and execution timelines. ZippMat's founders Abhijeet Kudva and Nandeesh Hasbi, are alumni of IIM and Northeastern University with deep experience in the construction sector and financial services. For more information visit, https://zippmat.com/

About Matrix Partners India:
Founded in 2006, Matrix India invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages. The firm has invested in several category-leading B2B marketplaces such as OfBusiness (B2B Commerce, fintech), Captain Fresh (B2B seafood & animal protein marketplace), FarMart (SaaS-enabled agri outputs marketplace), LoadShare (tech-enabled logistics network), Vegrow (India's leading B2B marketplace for fruits), Bijnis (B2B fashion & footwear marketplace), Sourcewiz (SaaS-enabled B2B exports), and Saveo (B2B marketplace for pharmacies).

Other marquee investments include Ola (mobility), Dailyhunt (mobile local language platform), Razorpay (payments), Five Star Business Finance (SME lending), Ola Electric (electric vehicles), Stanza Living (tech-enabled student housing platform), OneCard (mobile-first credit card), DealShare (social commerce platform), Country Delight (D2C dairy & fresh foods brand), Mswipe (mobile POS), GoKwik (e-commerce enablement platform), Zupee (leading skill-based gaming app) and Oxyzo (a tech-enabled smart financing solution provider) among others. Matrix India has advisory offices in Bangalore, Delhi and Mumbai. Further information is available at www.matrixpartners.in. To know more about our investment philosophy & ideologies, check out the #MatrixMoments podcast series.


For more information, contact:
pr@matrixpartners.in