Construction goods and services platform Infra.Market has closed a fundraise of $50 million in growth capital from Liquidity Group’s MARS Unicorn Fund. Liquidity Group is a billion dollar company backed by top financial institutions including Apollo and MUFG.
The new fund-raise will enable the company to enhance its technological offerings and advance its initiatives in new global markets, Infra.Market said in a press release. The company is also embarking on new business verticals outside the construction ecosystem such as chemicals to provide end-to-end solutions to its customers across multiple industries.
The company was last valued at $2.5 billion in its equity round in August 2021 and counts Tiger Global, Accel Partners, Evolvence India, Sistema Asia Fund, Foundamental Gmbh and Nexus Venture Partners as its investors. The current valuation of the company couldn’t be ascertained. As per Entrackr’s sources, the company was evaluating a new round at a valuation of over $4 billion.
Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market is a construction solutions company that leverages technology to provide an enhanced procurement experience for all players in the construction ecosystem.
Infra.Market focuses on high-volume construction products under its own brands. The company caters to both institutional customers (B2B) and retail outlets (D2R) in the construction materials sector. According to the company, it supplies across 16 states in India and exports to markets such as Dubai, Singapore, Jordan, Italy, among others.
Last year, the Thane-based company also made a couple of acquisitions such as RDC Concrete and Equiphunt. It was also in talks to take over electrical company Halonix. Entrackr had exclusively reported the development in December 2021.
Infra.Market claims that it does over a billion dollars in annual revenue and is expected to more than double that by the end of this year while growing five times year-on-year. The company is yet to file its annual financial statement for FY22, but it recorded 3.5X jump in its revenues to Rs 1,243 crore in FY21 as compared to Rs 351 crore in FY20.
In the B2B e-commerce (industrial supply) business, Infra.Market competes with Zetwerk, OfBusiness and Moglix.