Construction materials marketplace Infra.Market said on August 3 that it has raised $125 million from existing investor Tiger Global Management, valuing it at $2.6 billion- a jump of nearly three times in just over three months.
Moneycontrol first wrote about the deal on June 29.
Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market is a business-to-business (B2B) e-commerce firm, running a brand of construction material, concrete and chemicals used in infrastructure projects. It ties up with contract manufacturers, gets them to utilise idle capacity and manufacture products under its own brand, which it then sells to large infrastructure companies and retail outlets.
“We continue to build on our vision of creating India’s largest multi-product construction materials brand and transforming the construction materials supply chain, not only in India, but also globally,” CEO Sengupta said.
“We are also embarking on new business verticals within the construction ecosystem beyond materials to enable us to provide end to end solutions to our customers across the lifecycle of a construction project. We are seeing huge growth in buyer wallet share,” he added.
Infra.market said it is solving for a lack of price transparency, unreliable quality, a fragmented vendor base and inefficient logistics from a customer’s view, while for suppliers, it ensures higher capacity utilization, steady demand and better customer reach.
It said it will cross a billion dollars in sales by the end of 2021.
“We are delighted to double-down on our investment in Infra.Market. The team has demonstrated exceptional growth and continues to disrupt the construction materials industry. Over the past year, Infra.Market has become the go-to partner, especially during the pandemic when the traditional supply chains were disrupted,” said Scott Shleifer, Partner, Tiger Global Management.
Avendus was the advisor to the deal
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