Chhavideep Singh
Source: Entrackr
Infra.Market is a Mumbai-based marketplace for online procurement that provides all and every product or material that is required for building projects. Recently, the start-up has raised funding worth USD 100 million in its latest Series C financing round led by Tiger Global Management.
This funding also marks the company’s valuation at over USD 1 billion, making it the newest member of the Unicorn Club in India. According to several reports, existing investors including Mumbai-based Equity platform- Evolvence India Fund, US-based growth stage fund- Accel, Venture Capital firm- Nexus Venture Partners, Singapore-based Sistema Asia Capital and global investor in mining technology- Foundamental also participated in Infra.Market’s funding round.
According to the company profile on Crunchbase, Infra.Market has recently on January 13th raised USD 6.8 million in its latest Debt Financing round led by InnoVen Capital. Thus, the total funds raised by the Mumbai-based start-up amounts to USD 150 million. As mentioned in a report by TechCrunch, this latest funding came right after 2 weeks of the company concluding its Series B financing round wherein it was valued at USD 200 million.
Founded back in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market develops as an online procurement marketplace that serves construction companies and real estate players with all kinds of products and services that umbrella under the construction industry.
This platform can be considered as an Amazon or Flipkart for construction and the real estate market. Infra.Market operates on a centralised platform that aggregates all demands from the clients and matches it with the best possible supply chain along with varied credit options that are also affordable. Other than this, the company also provides delivery tracking facility and an overall seamless customer experience through its enhanced technology services and fair pricing options.
As mentioned in a report by TechCrunch, back in December 2019 before COVID-19 struck, Infra.Market was on track to hit an Annual Recurring Revenue of USD 100 million but because of the pandemic, the company’s business was cut in half for at least two-three months amidst the nation-wide lockdowns. However, since the lockdowns have been lifted, the company has picked up pace and is operational yet again at full swing, targeting an Annual Recurring Revenue of USD 180 million.
Co-founder Souvik Sengupta says that Infra.Market is aiming to hit an Annual Recurring Revenue of USD 300 million by March 2021. He also mentioned in a statement regarding the company’s recent milestone that the market is seeing rapid acceleration in consumer demand from infrastructure and real-estate companies.