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Infra Market raises $100M in funding led by Tiger Global Management

Infra Market raises $100M in funding led by Tiger Global Management
Infra Market raises $100M in funding led by Tiger Global Management

Infra.Market, a construction material provider, has recently raised funding worth $100 million from an existing investor namely Tiger Global Management at a $1 billion valuation. The recent funding also includes participation from other investors such as Sistema Asia Fund, Nexus Venture Partners, and Accel Partners. Avendus Capital served as the investment banker for this fundraising activity.

Based in India, Infra.Market has been functioning as a technology firm that provides a one-stop marketplace to ensure the delivery of high-quality construction materials. As per the company’s statement, the new fundraising will help drive its technological offerings, enter new markets, as well as advance its initiatives such as direct to retail channel, private-label brands, and exports.

According to reliable estimates, the technology company registered a profit of 8 crore

, while its revenue witnessed a significant surge of nearly 5x to 350 crore (47.8 million) during the fiscal year 2020. It is considered as the 2 unicorn in the Indian business-to-business retail sector, following Udaan, which manufactures business goods for various sectors.

Souvik Sengupta, CEO & Founder of Infra.Market, has reportedly cited that the company has been witnessing an accelerating demand for construction materials, as infrastructure and real-estate companies have been targeting to shift their procurements to achieve consistent quality as well as reduce delays. It has also been playing an active role in the digital transformation of the supply chain of inefficient construction materials by leveraging cutting-edge technology and the capacity of small-sized manufacturers, he added.

Due to the shifting preference of customers from traditional or offline to e-Commerce or online purchase, several companies are focusing on expanding their online retail chain business to increase profits. Over the past few years, multiple B2B unicorns have emerged across the country, such as Delhivery (e-Commerce logistics), Rivigo (trucking logistics), and Razorpay (payment service).

Source credit:

https://www.moneycontrol.com/news/business/startup/infra-market-turns-unicorn-raises-100-million-led-by-tiger-global-6573171.html

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Nandita holds a management degree with specialization in marketing, and boasts of a short-term experience in the field of recruitment. Following her passion for writing however, she decided to pursue a career in the field of content development. Presently, Nandita pens down news pieces for newsorigins.com, spanning the verticals of business, finance, and technology.