The company counts Tiger Global,
, Evolvence India, Sistema Asia Fund, Foundamental Gmbh and Nexus Venture Partners among its investors.
Infra.Market said it would use the funds to cater to new global markets and increase presence across product verticals, especially lead growth in its chemical vertical.
“The company is highly focused on entering new markets across the globe and this fundraise is ideal for it to lead the growth across geographies,” it said in a statement.
The latest fundraising comes amid an investigation by the
Income-Tax department into alleged tax evasion by the company.
The company was in talks to raise $250 million at a valuation of $4 billion when the investigation came to light, ET reported earlier.
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Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market leverages technology to provide a procurement experience for all players in the construction ecosystem.
It focuses on high-volume construction products under its own brands and aims to solve issues such as a lack of price transparency, unreliable quality, fragmented vendor base, and inefficient logistics.
The company caters to both institutional customers (B2B) and retail outlets (D2R) in the construction materials sector.
“Infra.Market currently does over $1 billion in annual revenue and is expected to more than double that by the end of this year and is growing five times year-on-year,” it said.
According to the company, its own brands contribute more than half of its revenue. The company has seen its export businesses soaring to over 25% of revenue with its presence increasing to more than 10 countries.
“With this funding, the company sees its export business contributing over $750 million in revenues by the end of this year,” it said.
It supplies across 16 states and exports to markets such as Dubai, Singapore, Jordan, and Italy.
In 2021, the company launched Chemical.Market – a B2B fulfilment platform for the chemical industry – which has significant global opportunities.
It aims to create a one-stop full stack procurement solution for the chemical industry, tap into the manufacturing abilities of Indian chemical manufacturers and help them increase their reach globally by providing access to newer markets, supply chain solutions and access to raw materials for their manufacturing processes.
“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 multiple industries.” Sengupta said.
The Mars Unicorn fund deploys financing in the Southeast Asian market, backed by Tel Aviv-based Liquidity Group. The fund works solely with fast-growth companies typically in the post-C financing rounds.
“Liquidity is using technology to transform capital credit markets with unrivalled speed and accuracy. 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,” said Ron Daniel, co-founder and chief executive, Liquidity Group.
Infra.Market recently acquired RDC Concrete – one of the largest non-cement ready mix concrete companies in India – from private equity firm True North. The company also picked up a strategic stake in
, a listed Indian paint company. In May 2021, the company acquired Equiphunt, an equipment solutions platform.
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