The B2B commerce company Infra.Market has announced that it has raised $100 million Series C funding led by Tiger Global. Existing investors Nexus Venture Partners, Accel Partners, Sistema Asia Fund, Evolvence India Fund, and Fundamental Capital GmbH participated in this round of funding.
The current fundraise takes Infra.Market’s valuation to $1 billion. Avendus Capital was the exclusive financial advisor to Infra.Market on the transaction.
A press statement shared by the company said the funding will help Infra.Market enhance its technological offerings, seed into newer markets and further their initiatives like – private label brands, exports, and direct to retail channel.
Souvik Sengupta, Founder, Infra.Market said in the statement, “We are digitally transforming the highly inefficient construction materials supply chain in India by aggregating the capacity of small manufacturers and adding our cutting edge technology and services stack. We are seeing rapid acceleration in demand as Infrastructure and real-estate companies are looking to shift their procurement to get consistent quality and minimise delays.”
Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market is a procurement marketplace that leverages technology to provide an enhanced procurement experience for all players in the construction ecosystem. The company is targeting the $140 billion construction materials market with a strong focus on infrastructure sector.
Commenting on the transaction, Scott Shleifer, Partner, Tiger Global Management, says, “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.”
The platform focusses on high-volume construction products and aims to solve the issues of price transparency, fragmented vendor base, inefficient logistics, and unreliable quality. The company caters to both institutional customers and retail outlets in the construction materials sector.
It added that it supplies across 10 states in India and exports to markets such as Dubai, Singapore, Bangladesh etc. The company stated it is expected to significantly benefit from the 34 percent increase in allocation for infrastructure projects in the 2021 Union Budget of India.