Mumbai-based B2B procurement marketplace for real estate and construction materials Infra.Market has raised $26 million in a Series A round led by Tiger Global Management, a top company official told TechCircle.
Nexus Venture Partners participated in the round along with returning investor Accel. Out of the $26 million, $6 million was raised as venture debt from Innoven Capital, Aadtiya Sharda, co-founder of Infra.Market said.
“With the fresh capital, the company is planning to launch operations in Hyderabad, Chennai and Ahmedabad. We will also use the funding to grow the monthly revenue to $20 million from current $5 million,” added Sharda. It also intends to expand its product lines, he said.
Infra.Market, which is owned and operated by Hella Infra Market, was founded in 2016 by Sharda and Souvik Sengupta. Sharda, an alumnus of IIM Ahmedabad, has a decade-long experience in the ﬁeld of infrastructure and construction. Sengupta, an alumnus of IIM-Bangalore, has been a chartered accountant for the past seven years.
The company is currently operational in Mumbai, Bengaluru and Pune. It has built a centralised online market for real estate and construction materials. It operates an end-to-end service model and provides products such as ready-mix concrete, fly ash and construction chemicals.
InfraMarket counts companies such as ACC, Prism Johnson, JSW, IndiaCements, Dalmia, Nuvoco, (earlier Lafarge) Wonder Cement , Capacite, Shapoorji, TataProjects, RDC Concrete, Sobha Developers, NCCCL, Godrej, Swastik Infra in its client list.
The company had earlier raised seed round of $3.5 million from Accel in August 2019 and has raised a debt round of $4.5 million from Innoven in September 2019.
The construction sector in India is estimated to be a $150 billion industry contributing to 9% of India's GDP. The real estate and construction sector in India is expected to be the third-largest globally by 2030, contributing over 15% to Indian GDP, according to a report jointly released by NAREDCO and KPMG. The market size is expected to grow to $1 trillion in 2025, making it the third largest globally.