B2B infrastructure marketplace Infra.Market has raised $20 million in a Series A funding round led by Tiger Global Management.
The latest investment round also witnessed the participation of Nexus Venture Partners and existing investor Accel Partners.
Currently operational in Bengaluru and Pune, the company will utilise the fresh funds towards expanding its geographical reach in the country starting from Hyderabad, Ahmedabad, and Chennai.
Additionally, it is also aiming to grow its revenue from the current $5 million per month to $20 million monthly, according to an ET report.
As the business-to-business (B2B) e-commerce market expands in India as well as globally, the segment has attracted considerable investor interest.
Startups in this segment have begun to offer streamlined, efficient and organised procurement and supply chain services to businesses of all sizes. According to estimates, the B2B e-commerce industry is expected to be worth 45 lakh crore by 2020.
The new capital for the Infra.Market has come around three months after it raised $3.5 million in a seed round from Accel Partners. In September, the company had also secured $4.5 million in debt funding from venture debt and lending platform Innoven Capital.
Founded in 2016 by Aaditya Sharda and Souvik Sengupta, Infra.Market provides real estate and construction materials including ready-mix concrete, fly ash, cement, and construction chemicals, among others.
The company, which aggregates demand to offer economies of scale on material pricing not previously available to individual customers and projects, also operates an end-to-end service model further removing the need to work with multiple vendors.
According to the company’s website, it has 71 clients including Tata, Runwal, Crystal, Hiranandani and others.
Notably, Infra.Market claims to generate Rs 20 lakh from average daily sales by performing 133 deliveries per day. The company majorly competes with BuildNext, Infraazaar, and MaterialTree, among others.