E-commerce platform for construction material Infra.Market raises $125 million from Tiger Global investment
- Infra.Market’s valuation has increased more than two-fold from $1 billion in the last six months.
- It is a B2B e-commerce company that solely focuses on offering high-volume construction material.
- Infra.Market company will also look at acquisition opportunities, along with product expansion.
|February 2021||$100 million||Tiger Global, Accel Partners, Nexus Venture Partners, others||$1 billion+|
|July 2021||$13.4 million||Alteria Capital||Debt Round|
|August 2021||$125 million||Tiger Global||$2.5 billion|
Infra.Market was founded by Souvik Sengupta and Aaditya Sharda in 2016. It is a marketplace for other businesses and retailers to order construction material like concrete, fly ash, construction chemicals, sand and more.
The five-year old company expects its annual revenue to cross a billion dollars this year. More than two-third of the sales are contributed by the company’s own private label, which gives them hire margins. Notably, Infra.Market has been profitable since inception and has a revenue run rate of $700 million.
It now has customers in 10 states in India and exports to international markets like Dubai, Singapore, Jordan, Italy and more, the company said in a statement.
Founder Sengupta added that they are seeing a spike in customer’s order value as they launch new products, verticals and expand market presence. A part of the funding would be utilised to accelerate this further.
Infra.Market company will look at acquisition opportunities as well. It had recently acquired Equiphunt, a equipment solutions platform that provides services like equipment ownership, maintenance and utilization.
The company expects to benefit significantly from the ongoing increase in allocation for infrastructure projects under the National Infrastructure Pipeline, which has planned projects worth $2 trillion to be executed over the next few years.
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