Infra.Market, the B2B marketplace for construction materials owned by Mumbai based Hella Infra Market, has acquired a majority stake in equipment solutions platform Equiphunt.
The financial details of the transaction were not disclosed.
Following the acquisition, Equiphunt founder Shashank Dangayach will continue to lead the platform while Manish Sharma, head of the equipment vertical at Infra.Market, will join the board of Equiphunt parent Sociam Equipment Solutions.
Founded in 2016, Equiphunt bills itself as a one-stop solution provider for all equipment and service requirements. It is also a construction equipment rental and equipment auctioning platform with over 4000 equipment on offer and a presence in more than 25 cities, said a statement.
The company, the statement said, leverages an in-house IoT/telematics platform for improved utilisation of machinery and enhancing scalability in operations.
“Construction is one of the largest components in India’s economy and yet ironically one of the most unorganised sectors. In our experience in digitising the material procurement for construction companies, we realize the value chain in digitising equipment management for the construction sector,” Infra.Market co-founder Aaditya Sharda said.
Infra.Market joined the growing pool of unicorns – startups valued privately at $1 billion or more – in February this year when returning investor Tiger Global Management led a $100 million funding round in the company. Other investors in the B2B marketplace include Accel India, Nexus Venture Partners, Evolvence India Fund and Sistema Asia Fund.
Sharda and Souvik Sengupta founded Infra.Market in 2016 as a procurement marketplace that leverages technology to provide an enhanced procurement experience for all players in the construction ecosystem. The company provides products such as ready-mix concrete, fly ash and construction chemicals.