Infra.Market plans to use the proceeds from the current raise to cater to newer markets and increase its presence across product verticals while focussing on acquisition opportunities across the construction ecosystem
Bengaluru: Construction solutions provider Infra.Market has raised $125 million as part of its Series D round led by New-York based investment firm, six months after raising $100 million from Tiger Global Management
With the latest round, Infra.Market has seen its valuation grow by over two-fold to $2.5 billion, as compared to $1 billion in February this year.
The startup took less than 20 months to touch the $1 billion valuation since raising a seed round from Accel Partners in 2019.
According to the company, it plans to use the proceeds from the current raise to cater to newer markets and increase its presence across product verticals while focussing on acquisition opportunities across the construction ecosystem.
Founded in 2016, Infra.Market is an on-demand construction materials marketplace that leverages technology for quality control and supply chain visibility.
The company is targeting the infrastructure sector, and claims to significantly benefit from the increased allocation for infrastructure projects under the National Infrastructure Pipeline, it said.
“We continue to build on our vision of creating India’s largest multi-product construction materials brand and transforming the construction materials supply chain, not only in India, but also globally. We are also embarking on new business verticals within the construction ecosystem beyond materials to enable us to provide end to end solutions to our customers across the lifecycle of a construction project,"said Souvik Sengupta, founder, Infra.Market.
Infra.Market focuses on high-volume construction products under its own brands. On the customer side, it aims to solve existing issues such as a lack of price transparency, unreliable quality, a fragmented vendor base, and inefficient logistics. On the supplier side, it ensures higher capacity utilization, a steady demand, and better customer reach.
“We are delighted to double-down on our investment in Infra.Market. The team has demonstrated exceptional growth and continues to disrupt the construction materials industry. Over the past year, Infra.Market has become the go-to partner, especially during the pandemic when the traditional supply chains were disrupted," said Scott Shleifer, partner, Tiger Global Management.
Over the last 12 months, Infra.Market claims to have grown supply to retail outlets steadily and follows a dual model of flagship stores for catering to small stores, and dealership stores for retail customers.
At present, the company supplies across 10 states in India and exports to markets such as Dubai, Singapore, Jordan, Italy, etc.
Infra.Market expects to cross $1 billion in sales by the end of this calendar year. More than two-third of the sales are contributed by Infra.Market's private brands.
Recently, raw material procurement platform, OfBusiness, which focuses on manufacturing and infrastructure sectors also raised $160 million from SoftBank Vision Fund 2, at a valuation of $1.5 billion. B2B e-commerce platform, Moglix also entered India’s unicorn club in May, this year, after raising $120 million led by Falcon Edge Capital.
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