Infra.Market, a technology-enabled marketplace for on-demand construction materials, on Monday said it has raised $50 million (Rs 390 crore) from MARS Unicorn Fund of global capital market fund Liquidity Group.
The company will use the fresh proceeds to cater to newer global markets and boost its presence across product verticals, especially in its chemical vertical, said Infra.Market in a statement.
Last year, Infra.Market had launched a new platform Chemical.Market focused on the chemical industry.
"We are also embarking on new business verticals outside the construction ecosystem such as chemicals to enable us to provide end-to-end solutions to our customers across the multiple industries," said Souvik Sengupta, Founder, Infra.Market.
Operated by Hella Infra Market Ltd, Infra.Market was founded in 2016 by Sengupta and Aaditya Sharda as a procurement marketplace that leverages technology to provide an enhanced procurement experience for all players in the construction ecosystem. The company provides products such as ready-mix concrete, fly ash and construction chemicals.
The Maharashtra-based company caters to both institutional customers (B2B) and retail outlets (D2R) in the construction materials sector and has grown supply to retail outlets and follows a dual model of flagship stores (for catering to smaller stores) and dealership stores (for retail customers). It supplies across 16 states in India and exports to markets such as Dubai, Singapore, Jordan, and Italy.
Prior to this fundraise, Infra.Market raised $125 million ($928 crore) in a Series D funding round led by Tiger Global at a valuation of $2.5 billion in August last year. That funding round had come just months after Infra.Market hit unicorn status after raising $100 million in a Series C investment round from its existing investors including Tiger Global, Accel, Nexus Venture Partners, Evolvence India Fund, Sistema Asia Fund and Foundamental Gmbh. A unicorn is a privately-held startup valued at more than $1 billion.
"At each step in the process, our evaluation of Infra.Market showed a company delivering on its promise to remake construction and infrastructure projects across India and beyond," added Daniel.
Tel Aviv-based Liquidity Group's MARS Unicorn fund invests in a future-ready AI platform in the Southeast Asian market, the statement said.
The statement noted that Infra.Market does over a billion dollars in annual revenue and is expected to more than double that by the end of this year. Its export business has increased to over 25% of its revenue, it added.
The company has also made some strategic bets in the past months.
Earlier in January, Infra.Market was set to invest Rs 270 crore in Indian paint manufacturing company Shalimar Paints Ltd, according to a stock market disclosure.
In September last year, Infra.Market agreed to acquire RDC Concrete from private equity firm True North just months after it picked a majority stake in Hyderabad-based construction equipment rental service Equiphunt in May 2021 for $10 million.