Infra.market is a construction-based service provider company headquartered in Mumbai. The company is aimed to improve construction services and facilities in the country by helping real estate companies to procure construction material and a lot more.
The company has recently bagged USD 20 million in its latest Series B funding round co-led by three investors namely, Sistema Asia Fund, Evolvence India Fund and Fundamental.
The financing round also witnessed participation from existing backers including Tiger Global, Nexus Venture Partners and Accel Partners.
What is Infra.market?
Well, the company assists and helps small construction related businesses in meeting product quality compliance and improving their overall production. Hella Infra.Market was co-founded back in July 2016 by Souvik Sengupta and Aadiya Sharda with an aim to serve the real estate and construction materials market. It provides an online procurement marketplace for small companies such as paint manufacturers or brick manufacturers, cement manufacturers etc. to get their raw material from the centralised platform that infra.market is, connecting demands of the manufacturers with the suppliers.
The company also provides its own logistics services for the delivery of such items along with other services such as better and affordable credit options, tracking facility etc. The company intends to revolutionise the fragmented real-estate and construction industry in India and provide an efficient technology experience to clients by also providing them with fair and just pricing.
Talking about the funding, the company has raised total funds worth USD 50 million till date.
According to a report by TechCrunch, co-founder, Souvik Sengupta mentioned in a statement that the company aimed to record its Annual Recurring Revenue (ARR) of USD 100 million this year, but it was before the unfortunate COVID-19 pandemic struck. Following the COVID-19 induced nation-wide lockdowns, the company suffered a lot of losses as the real estate and construction businesses were all shut during that time along with many other businesses. But, as the lockdowns were lifted, the company picked its pace again and is now recording an ARR of USD 180 million and Sengupta claims to hit the USD 300 million mark by March 2021.
Infra.market deals with real estate and construction materials today but plans to expand its business into other categories such as Electrical items, said co-founder Sengupta. Furthermore, when asked about the latest infusion of funds, the company mentions utilising these funds to expand into newer markets and strengthening its networks into smaller Indian cities. The company also mentions that it is also enabling small construction and real estate companies in India to reach international clients in Dubai, Malaysia, Singapore and Bangladesh as well.
Infra.Market is moving with a faster pace and has successfully left behind the losses incurred during the COVID-19 lockdown.