Infra.Market raises $50 million for overseas expansion, targets $750 million in export revenue

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Infra.Market has raised $50 million from Liquidity Group’s MARS Unicorn Fund to expand to newer markets overseas and double down on the chemicals vertical, among other things.

Last valued at $2.5 billion in its equity round in August 2021, the company counts TigerGlobal, Accel Partners, Evolvence India, Sistema Asia Fund, Foundamental Gmbh and Nexus Venture Partners as its investors.

The company said that the fundraise would help its export business rake in over $750 million in revenues by the end of this year.

Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market is a construction materials marketplace company that connects all players in the construction ecosystem. 

Sengupta said, “We continue to build on our vision of creating India’s largest multi-product construction materials brand and transform the construction materials supply chain, not only in India, but also globally. We are also embarking on new business verticals outside the construction ecosystem such as chemicals to enable us to provide end-to-end solutions to our customers across the multiple industries."

"We are seeing huge growth opportunities as we are rapidly expanding our product portfolio and market presence and the launch of new verticals will help us seed newer markets and create a best-in-class global commerce company out of India," he added.

Moneycontrol had earlier reported that the company and its founders faced I-T department raids in March. 

The CBDT had said that unaccounted cash worth Rs 1 crore and jewellery worth Rs 22 lakh were seized. It had also said the group has booked bogus purchases, made huge unaccounted cash expenditures, and obtained accommodation entries, aggregating to the tune of over Rs 400 crore.

"These evidences were confronted to the directors of the group, who admitted under oath this modus operandi, disclosed additional income of more than Rs 224 crore in various assessment years, and consequently offered to pay their due tax liability," the CBDT had claimed.

Reacting to CBDT's statement at the time, Sengupta had told Moneycontrol via email, "We continue to cooperate with the authorities and provide all necessary information to the department to solve all queries they have in relation to their search. We continue to work with the department to solve all their queries related to the company. We will wait for the final investigation report is out to comment further. Since the matter is subjudice we would not like to comment further."