ZippMat raises $10 million in debt and equity funding

8 Sep 2022 , 10:47 AM

ZippMat, a construction supply chain service platform, has secured $10 million in an equity and loan round headed by Matrix Partners India.

Investment firm Zephyr Peacock also contributed to the equity fundraising, while HDFC Bank and TradeCred contributed to the debt financing.

The additional investment will be used by the Bengaluru-based firm to expand its user base, digitize the supply chain, bring in product innovation, and expand its workforce from the existing 25 workers.

The debt component will allow the firm to supply contractors with working capital solutions.

Kudva and Nandeesh Hasbi created the venture in 2021 to simplify material procurement for engineering and construction firms by using its supplier and delivery network.

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