Infra.Market secures a funding of $50 million from MARS Unicorn Fund
- ByStartupStory | June 14, 2022
Infra.Market, a construction goods and services platform, has raised $50 million in growth capital from Liquidity Group’s MARS Unicorn Fund. Liquidity Group is a multibillion-dollar corporation backed by major financial institutions such as Apollo and MUFG.
Infra.Market, the new funding will allow the company to improve its technological offerings and advance its initiatives in new global markets. In order to provide end-to-end solutions to its customers across multiple industries, the company is also expanding into new business verticals outside of the construction ecosystem, such as chemicals.
Tiger Global, Accel Partners, Evolvence India, Sistema Asia Fund, Foundamental Gmbh, and Nexus Venture Partners are among the investors in the company, which was last valued at $2.5 billion in its equity round in August 2021. The company’s current valuation could not be determined. According to Entrackr’s sources, the company was considering a new round with a valuation of more than $4 billion.
Infra.Market, founded in 2016 by Souvik Sengupta and Aaditya Sharda, is a construction solutions company that uses technology to improve the procurement experience for all players in the construction ecosystem.
Under its own brands, Infra.Market focuses on high-volume construction products. In the construction materials sector, the company serves both institutional customers (B2B) and retail outlets (D2R). It supplies 16 Indian states and exports to markets including Dubai, Singapore, Jordan, and Italy.
Last year, the Thane-based company also made a few acquisitions, including RDC Concrete and Equiphunt. It was also in talks to acquire Halonix, an electrical company. Infra.Market competes with Zetwerk, OfBusiness, and Moglix in the B2B e-commerce (industrial supply) market.
Infra.Market claims to generate over a billion dollars in annual revenue, which it expects to more than double by the end of the year while growing five times year on year. The company has yet to file its annual financial statement for FY22, but revenues increased by 3.5X in FY21 to Rs 1,243 crore, up from Rs 351 crore in FY20.
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