Infra.Market Raises $125 Mn In Series D Funding Round From Tiger Global
The new fundraise will enable the platform to enhance its technological offerings, seed newer markets, and advance its initiatives such as private label brands, direct to retail channel and exports
Infra.Market on Tuesday announced that it has raised $125 million in a Series D round led by Tiger Global. The platform is an on-demand construction materials marketplace leveraging technology for quality control and supply chain visibility.
The latest funding round values the company at $2.5 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. The company is targeting the $140 billion construction materials market with a strong focus on the infrastructure sector. Infra.Market is expected to significantly benefit from the ongoing increase in allocation for infrastructure projects under the National Infrastructure Pipeline, which has planned projects worth $2 trillion to be executed over the next few years.
"We continue to build on our vision of creating India's largest multi-product construction materials brand and transform the construction materials supply chain, not only in India but also globally. We are also embarking on new business verticals within the construction ecosystem beyond materials to enable us to provide end-to-end solutions to our customers across the lifecycle of a construction project. We are seeing huge growth in buyer wallet share as we are rapidly expanding our product portfolio and market presence and the launch of new verticals will help us fulfill our vision of creating a technology-backed end-to-end construction solutions company," said Souvik Sengupta, founder, Infra.Market.
The company caters to both institutional customers (B2B) and retail outlets (D2R) in the construction materials sector. Over the last 12 months, the company has grown supply to retail outlets steadily and follows a dual model of flagship stores (for catering to smaller stores) and dealership stores (for retail customers). It supplies across 10 states in India and exports to markets such as Dubai, Singapore, Jordan, Italy, etc.
The company intends to use the proceeds of the raise to cater to newer markets and increase its presence across product verticals and look at acquisition opportunities across the construction ecosystem.
"We are delighted to double-down on our investment in Infra.Market. The team has demonstrated exceptional growth and continues to disrupt the construction materials industry. Over the past year, Infra.Market has become the go-to partner, especially during the pandemic when the traditional supply chains were disrupted," added Scott Shleifer, partner, Tiger Global Management.
Infra.Market is expected to cross a billion dollars in sales by the end of this calendar year and is growing five times year-on-year with best-in-class profitability and return on capital metrics amongst all B2B commerce companies in India. More than two-thirds of the sales are contributed by the company's own brands. The company has also seen both D2R and export businesses soaring to over 10 per cent of sales each within the first year, the platform shared.