Mumbai-based Infra.Market has joined the coveted unicorn club after raising $100 million in Series C round led by existing investor Tiger Global. It took less than 20 months for the startup to touch the $1 billion valuations since raising a seed round from Accel Partners in 2019.
Accel Partners also participated in the latest funding round along with other existing partners Nexus Venture Partners, Evolvence India Fund, Sistema Asia Fund, and Foundamental Gmbh.
Infra.Market plans to spend the new funds to enhance its technological offerings, seed newer markets, and advance initiatives such as private label brands, direct to retail channels, and exports. The startup had raised $20 million in December 2020 in a Series B round led by Evolvence India Fund and Sistema Asia Fund.
“Infra.Market is using technology to help infrastructure and real-estate sectors overcome delays and disruptions caused due to inefficiencies in the construction materials supply-chain,” Varun Gupta, director, Digital and Technology Investment Banking, Avendus Capital said in a statement. Gupta said this investment was strong proof of soaring investor interest in industrial B2B platforms which have demonstrated rapid scaling, healthy economics, and value creation in the accelerated time frame.
Infra.Market is an online marketplace where real estate and infrastructure companies can procure construction materials online at a fair price. The platform has seen a rapid increase in demand as companies in the sector are increasingly looking to shift their procurement channels after the pandemic. The startup claims to generate monthly revenue of $2.5 million. It is currently at $400 million gross merchandise value (GMV) and hopes to achieve $1 billion GMV by the end of 2021.