ETtechBengaluru: Infra.Market, a business-to-business (B2B) commerce platform for construction materials, has raised $125 million from existing investor Tiger Global at a post-money valuation of $2.5 billion, founder Souvik Sengupta told ET.
The fundraising comes five months after the startup became a unicorn. Tiger Global had in February led a $100-million funding round in the company at a valuation of $1 billion.
“Tiger Global is doubling down on its bet. They have written the full cheque in this round,” Sengupta told ET. “We are looking to acquire medium-sized brands in the broader construction space to widen our offerings within the construction ecosystem, but beyond materials to enable us to provide end-to-end solutions to our customers across the lifecycle of a construction project.”
In May, the company acquired a majority stake in Equiphunt, a construction equipment rental service based in Hyderabad.
According to Sengupta, Infra.Market at present has an annualised revenue run rate of $750 million and is hoping to increase that to $1 billion by December. “We are also looking to do our own private labels, and acquisitions will play a key role in that,” he said.
Started by Sengupta and Aaditya Sharda in 2016, Infra.Market gets around 15% of its sales from overseas markets like Dubai, Singapore and Jordan. In India, it is present in 10 states.
”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,” said Scott Shleifer, partner at Tiger Global.
The fundraising comes five months after the startup became a unicorn. Tiger Global had in February led a $100-million funding round in the company at a valuation of $1 billion.
The fresh capital will be used to acquire mid-sized brands in the construction market.
“Tiger Global is doubling down on its bet. They have written the full cheque in this round,” Sengupta told ET. “We are looking to acquire medium-sized brands in the broader construction space to widen our offerings within the construction ecosystem, but beyond materials to enable us to provide end-to-end solutions to our customers across the lifecycle of a construction project.”
In May, the company acquired a majority stake in Equiphunt, a construction equipment rental service based in Hyderabad.
According to Sengupta, Infra.Market at present has an annualised revenue run rate of $750 million and is hoping to increase that to $1 billion by December. “We are also looking to do our own private labels, and acquisitions will play a key role in that,” he said.
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Started by Sengupta and Aaditya Sharda in 2016, Infra.Market gets around 15% of its sales from overseas markets like Dubai, Singapore and Jordan. In India, it is present in 10 states.
”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,” said Scott Shleifer, partner at Tiger Global.
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