Infra.Market, a business-to-business marketplace for real estate and construction materials, on Thursday said it has raised $20 million (Rs 147 crore) as part of its Series B funding round.
The funds were raised from three new investors Evolvence India Fund, Sistema Asia Fund and Foundamental, said Infra.Market in a statement.
Existing investors Accel, Tiger Global Management and Nexus Venture Partners also participated in this funding round, it added.
The fresh capital will help the company to enter new markets and push its integration initiatives such as private labels and direct-to-retail channel.
It also aims to invest a portion of its funds in international expansion. The company that gets around 10% of its revenue from international operations currently exports to countries such as Dubai, Singapore and Malaysia.
Infra.Market, operated by Hella Infra Market Ltd, was founded in 2016 by Aaditya Sharda and Souvik Sengupta. The company provides products such as ready-mix concrete, fly ash and construction chemicals.
The firm said that it exceeded pre-Covid-19 revenue levels while maintaining healthy economics and bottom line. It also expanded to Tier-II cities within the 10 states it operates in.
Infra.Market has clocked $180 million in annualised gross merchandise value (GMV) and aims to touch $300 million by March 2021. The startup has been net-profitable since its inception, it noted.
The latest funding comes after Infra.Market had raised $20 million in its Series A funding round led by Tiger Global in December last year.
Evolvence India Fund is sponsored by Dubai-based alternative investment firm Evolvence Capital and an affiliate of US-based New York Life Investment Management.
It had hit the road for its third India-focussed private equity fund-of-funds and co-investment platform last year.
Earlier this year, VCCircle reported the fund invested in med-tech distributor firm. It previously invested in companies such as pharmaceuticals firm Gland Pharma, Centurion Bank of Punjab, automotive components group RSB Group and real estate firm Emaar MGF Land Ltd.
Sistema Asia Fund, a $50-million venture capital fund, was floated by Russian conglomerate Sistema JSFC in 2016. It primarily focusses on mid-stage investments. Its portfolio includes startups such as gourmet meat brand Licious, Faasos parent Rebel Foods and digital lender Lendingkart.
Foundamental is a Germany-based venture capital firm. Earlier in August, it invested in Pluckwalk Technologies Pvt Ltd, which operates construction services platform Brick & Bolt.
The VC firm is focussed on making investments in segments such as AEC (architecture, engineering, and construction), mining, and technology.
Deals in B2B segment
Startups in several segments focused on the B2B segment have attracted considerable investor interest across all funding cycles.
Earlier this year, Bulk MRO Industrial Supply Pvt. Ltd, which is backed by US incubator Y Combinator, raised fresh capital from new and existing investors, VCCircle reported. It later raised venture debt from Stride Ventures in July.
Bijnis, a B2B marketplace for fashion and lifestyle, raised $10 million in a Series A round of funding in July this year.
In September last year, B2B e-commerce platform Udaan raised around $300 million (about Rs 2,166 crore) in its Series D funding round from a clutch of investors including Altimeter Capital and Footpath Ventures.
In July last year, industrial goods marketplace Moglix raised $60 million (around Rs 410 crore) in its Series D funding round from US-based Tiger Global Management and others.