Post $100 Million Fundraise Led by Tiger Global Infra.Market Joins the Unicorn Club
The series C round of funding also saw participation from existing investors Nexus Venture Partners, Accel Partners, Sistema Asia Fund, Evolvence India Fund, and Fundamental Capital GmbH. A statement mentioned that the fresh capital will enable Infra.Market to enhance its technological offerings, seed newer markets and advance their initiatives such as private label brands, direct to retail channel and exports.
Founded in 2016 by Souvik Sengupta and Aaditya Sharda, 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.
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 minimize delays.”
Headquartered in Thane, Infra.Market said in a statement that the company is growing four times YoY and has best-in-class profitability and return on capital amongst all B2B commerce companies in India, as more than two-thirds sales are contributed by the company’s own brands. The company has also experienced 10 percent rise in exports within the first year of export operations.
Speaking about the investment Scott Shleifer, Partner, Tiger Global Management, said, “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.”