InnoVen Capital, a venture debt firm founded in 2008, has invested Rs 50 crore ($6.8 million) in Infra.Market, a business-to-business materials marketplace backed by investors including Tiger Global Management.
This is not the first time that the venture debt firm has invested in Infra.Market. In September 2019, it committed $4.5 million (around Rs 31.6 crore) to the company.
The development comes just one week after InnoVen announced a Rs 60 crore (around $8.2 million) investment in BharatPe, the payments and financial services startup backed by the likes of Coatue Management and Ribbit Capital.
Other portfolio companies of InnoVen include fresh-produce distributor WayCool Foods, consumer electronics firm boAt, and logistics-tech startup LetsTransport. The firm offers solutions including venture debt, acquisition financing, growth-stage loans, and syndication.
Infra.Market, operated by Hella Infra Market Ltd, was founded in 2016 by Aaditya Sharda and Souvik Sengupta.
“We continue to stay focused on delivering more value for our clients and this year the priority will be to enhance our product portfolio, service offerings and expand to new regions,” Sengupta said.
In December 2019, Infra.Market raised $20 million (around Rs 143.26 crore) in its Series A funding round led by the United States-based Tiger Global. Other investors that participated in the round include Nexus Venture Partners. Existing investor Accel also contributed to the round.
Before that, Infra.Market raised $3.5 million (around Rs 25 crore) in a seed funding round from Accel in August.
In a statement, InnoVen said the investment in the startup is in line with its strategy of betting on companies that are disrupting the categories they are present in.