BackInfra.Market turns unicorn, raises $100 mn in Series C round led by Tiger Global
Infra.Market plans to spend the new funds to enhance its technological offerings, seed newer markets and advance initiatives such as private label brands, direct to retail channel and exports
PremiumMumbai-based Infra.Market has joined the coveted unicorn club after raising $100 million (around ₹724 crore) in Series C round led by existing investor Tiger Global. It took less than 20 months for the startup to touch the $1 billion valuation since raising seed round from Accel Partners in 2019.
Accel Partners also participated in the latest funding round along with other existing partners Nexus Venture Partners, Evolvence India Fund, Sistema Asia Fund and Foundamental Gmbh.
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Infra.Market plans to spend the new funds to enhance its technological offerings, seed newer markets and advance initiatives such as private label brands, direct to retail channel and exports.
The startup had raised $20 million in December 2020 in Series B round led by Evolvence India Fund and Sistema Asia Fund.
“Infra.Market is using technology to help infrastructure and real-estate sectors overcome delays and disruptions caused due to inefficiencies in the construction materials supply-chain," Varun Gupta, director, Digital and Technology Investment Banking, Avendus Capital said in a statement.
Gupta said this investment was a strong proof of soaring investor interest in industrial B2B platforms which have demonstrated rapid scaling, healthy economics and value creation in accelerated time frame.
Infra.market is an online marketplace where real estate and infrastructure companies can procure construction materials online at a fair price. The platform has seen rapid increase in demand as companies in the sector are increasingly looking to shift their procurement channels after the pandemic.
“We are delighted to partner with Souvik and Aaditya in the growth journey of Infra.Market which is reshaping India’s construction materials supply chain. With pioneering technology innovation and the ability to stitch together private label brands, Infra.Market is positioned for strong growth, healthy economics and profitability," Scott Shleifer, Partner, Tiger Global Management said in a statement.
The startup claims to generate monthly revenue of $2.5 million. It is currently at $400 million gross merchandise value (GMV) and hopes to achieve $1 billion GMV by the end of 2021.
“We have an amazing team and have amazingly supportive investors - we will continue to disrupt India’s construction ecosystem through our continued focus on operational excellence. The fact that we are profitable at such a young stage is a testament to our team and the culture as an organisation," said Souvik Sengupta, founder, Infra.Market.
Founded in 2017 by Souvik Sengupta and Aaditya Sharda, Infra.Market is a B2B startup with more than 400 large clients including construction majors such as Larsen& Tubro, Ashoka Buildcon and Tata Projects.
The recent investment spree has propelled several Indian startups into unicorns. According to January report by NASSCOM, India will see rise of 12 more unicorns in 2021, taking the total count to 50, the highest ever in a single year.
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