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Business News/ Companies / Start-ups/  Infra.Market turns unicorn with funds from Tiger Global, others
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Infra.Market turns unicorn with funds from Tiger Global, others

The B2B startup took less than 20 months to touch the $1 billion valuation, having raised $100 mn in a Series C round

The startup has been profitable since 2016 and in FY20 it posted a net profit of ₹8 crore. iStockphotoPremium
The startup has been profitable since 2016 and in FY20 it posted a net profit of 8 crore. iStockphoto

Infra.Market, a B2B startup catering to the construction and infrastructure sector, has joined the coveted unicorn club after raising $100 million (approximately 724 crore) in a Series C round led by existing investor Tiger Global.

The startup took less than 20 months 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 Fundamental Gmbh.

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Earlier, the startup had raised $20 million in December 2020 in a Series B round led by Evolvence India Fund, and Sistema Asia Fund.

Founded in 2017 by Souvik Sengupta and Aaditya Sharda, Mumbai-based Infra.Market has more than 400 large clients, including construction majors such as Larsen & Toubro Ltd, Ashoka Buildcon and Tata Projects. It 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.

“Infra.Market is using technology to help infrastructure and real-estate sectors overcome delays and disruptions caused by inefficiencies in the construction materials supply-chain," said Varun Gupta, director, digital and technology Investment Banking, Avendus Capita.

“This investment is strong proof of soaring investor interest in industrial B2B platforms, which have demonstrated rapid scaling, healthy economics and value creation in accelerated time frame," Gupta pointed out.

“With pioneering technology innovation and the ability to stitch together private label brands, Infra.Market is positioned for strong growth, healthy economics and profitability," said Scott Shleifer, partner, Tiger Global Management.

The startup has been profitable since 2016 and in FY20 it posted a net profit of 8 crore. Its gross merchandise value (GMV) is $400 million and it 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," said Sengupta.

Infra.Market plans to spend the new funds to “enhance its technological offerings, seed newer markets and advance their initiatives such as private label brands, direct to retail channel and exports."

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ABOUT THE AUTHOR
Abhijit Ahaskar
Abhijit writes on tech policy, gaming, security, AI, robotics, electronics and startups. He has been in the media industry for over 12 years.
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Published: 26 Feb 2021, 06:01 AM IST
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