Online marketplace for construction materials Infra.Market has raised $125 million (about Rs 928 crore) in Series D round led by Tiger Global, valuing the platform at $2.5 billion.
Founded by Souvik Sengupta and Aaditya Sharda in 2016, the Thane-based firm is a construction solutions company that leverages technology to provide an enhanced procurement experience for all players in the sector.
It will use the funds to enhance its technological offerings, enter newer markets and advance their initiatives such as private label brands, direct to retail channel and exports, apart from increasing its presence across product verticals and look at acquisition opportunities, the company said in a statement on Tuesday.
The company is targeting the $140-billion construction materials market with a strong focus on the infrastructure sector, as it expects to significantly benefit from the ongoing investment in infrastructure projects under the national infrastructure pipeline, which has planned projects worth $2 trillion over the next few years.
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, Sengupta said.
We are seeing huge growth in buyer wallet share as we are rapidly expanding our product portfolio and market presence and the launch of new verticals will help us fulfill our vision of creating a technology backed end-to-end construction solutions company, he added.
Scott Shleifer, a partner at Tiger Global Management, said they are delighted to double-down on their investment in Infra.Market. Over the past year, it has become the go-to partner, especially during the pandemic when the traditional supply chains were disrupted.
The company caters to both institutional customers and retail outlets. Over the last 12 months, it has grown supply to retail outlets steadily and follows a dual model of flagship stores to cater to smaller stores and dealership stores for retail customers.
It supplies across 10 states and exports to Dubai, Singapore, Jordan, and Italy.
Recently, it had acquired Equiphunt, a fully integrated equipment solutions platform with complete solutions geared towards equipment ownership, maintenance and utilisation.
Infra.Market is expecting to cross the $1 billion sales target by the end of December. More than two-thirds of its present revenue is contributed by its own brands.
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