Ending Soon! Save 33% on All Access

Infra.Market Raises $20 Mn In Series B Round From Evolvence, Sistema Asia Fund, Foundamental GmbH The new funds will enable the team to seed newer markets and advance their integration initiatives such as private labels and direct to the retail channel

By Prabhjeet Bhatla

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.


India-based technology firm Infra.Market, which provides a one-stop marketplace for quality construction materials, logistics, and financing support, on Thursday, said that it has raised a Series B round from Evolvence India Fund, Sistema Asia Fund and Foundamental GmbH. Existing investors in the company include Accel, Tiger Global, and Nexus also participated in the round.

Founded by Souvik Sengupta and Aaditya Sharda in 2016, the online procurement marketplace leverages technology to provide an enhanced procurement experience for all players in the construction ecosystem.

"We are excited to onboard the new investors on the journey to build one of the largest B2B startups in India. We are thankful for the new investors and the continued support of our existing investors as we remain focused on building a profitable and sustainable venture while reshaping the construction ecosystem through technology," added Sharda, founder, Infra.Market.

The three funds claim to be the new incoming investors for the construction material marketplace, supporting its growth amidst an inflection in the Indian infra industry.

"Infra.Market is disrupting the largely fragmented construction industry procurement in India which is at the cusp of an inflection given the policy-driven focus on the sector. We are delighted by the company's rapid growth while ensuring sustainable economics and are confident that Souvik and Aaditya are creating an important institution in the context of India's bounce-back in the post-COVID world," said Sumit Jain, senior partner, Sistema Asia Fund.

The company focuses on high-volume construction products under its own brands and aim to solve existing issues such as a lack of price transparency, unreliable quality, a fragmented vendor base, and inefficient logistics.

"We believe strongly that infrastructure and construction activity in India will continue to see significant tailwinds as the government backs its vision for India to be amongst the fastest growing economies globally. As an enabler to this sector, Infra.Market has emerged as one of the most disruptive companies through pioneering technological innovation in the procurement and distribution of building materials catering to the infrastructure and construction industry by improving logistics, financing, procurement, and project management of large scale projects in key markets across India. The company has very quickly demonstrated remarkable growth backed by a solid business model and deep sector domain knowledge of its founders and management team," commented RohitBatra, partner, Evolvence India.

This financial year, Infra.Market reported revenue growth of 5.5 times year-on-year, expanded to tier-II cities in India, and has exceeded pre COVID-19 revenue levels while maintaining healthy economics and bottom-line profitability. The new funds will enable the team to seed newer markets and advance their integration initiatives such as private labels and direct to the retail channel.

"At Infra.Market, Souvik, and Aaditya have built not just the market leader in the space of procurement for construction but created an entirely new playbook for manufacturing & distribution of materials, a $200+ Billion market with significant tailwinds. In the process, they have also consistently delivered a rare, best-in-class combination of growth and profitability. We are incredibly proud to be a part of their story," remarked Shubhankar, partner, Foundamental Capital GmbH.

Currently, Infra.Market is achieving $180 million annualized GMV and intends to grow this up to $300 million by March 2021. They are working across 10 States in India and are looking to expand further into tier II cities within these states. It caters to both institutional customers (B2B) and retail outlets (D2R) in the construction material sector. Almost 10% of the revenues of the startup are currently generated from its international operations. It currently exports to countries such as Dubai, Singapore, Malaysia and will use infuse a portion of the current funds to enhance its International operations.

Prabhjeet Bhatla

Former Staff

Business News

Apple iPhone 7 Users May Be Owed a Slice of a $35 Million Settlement — Here's How to Claim Your Share

Previous (and current, no judgment) iPhone 7 users may be entitled to up to $349. The deadline to file a claim is June 3.

Business News

Did OpenAI steal Scarlett Johansson's voice? 5 Critical Lessons for Entrepreneurs in The AI Era

Did OpenAI steal Scarlett Johansson's voice? OpenAI has since paused the "Sky" voice feature, but Johansson argues that this is no coincidence. In response, Johansson delivers a masterclass for entrepreneurs on navigating the AI era successfully.

News and Trends

Gurugram-based Wealth Management Firm Finvolve Closes Maiden INR 100 Cr Fund, Launches Two New Funds

Finvolve also announced the launch of two new funds, pre-seed Accelerator Fund and Scale Fund, including a GIFT city, with an investment capacity of around INR 500 crore to widen its investment spectrum: Accelerator, Seed, and Scale.

Side Hustle

These Brothers Had 'No Income' When They Started a 'Low-Risk, High-Reward' Side Hustle to Chase a Big Dream — Now They've Surpassed $50 Million in Revenue

Sam Lewkowict, co-founder and CEO of men's grooming brand Black Wolf Nation, knows what it takes to harness the power of side gig for success.


Want to Elevate Your SEO Strategy? Here Are 4 Emerging Link-Building Trends You Need to Know About.

In the ever-evolving landscape of SEO, mastering link building is paramount for staying ahead. Explore the emerging trends shaping SEO strategies in 2024.