Infra.Market, a marketplace for construction materials, logistics and financing support, on Thursday said it has raised USD 20 million (about Rs 147.3 crore) in funding from Evolvence India Fund, Sistema Asia Fund and Foundamental Gmbh.
Existing investors including Accel, Tiger Global and Nexus, also participated in the round, a statement said.
The new funds will enable the team to seed newer markets and advance their integration initiatives such as private labels and direct to retail channels, it added.
Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market is an online procurement marketplace that leverages technology to provide an enhanced procurement experience for players in the construction ecosystem.
“We are excited to onboard the new investors on the journey to build one of the largest B2B startups in India. We are thankful for the new investors and the continued support of our existing investors as we remain focussed on building a profitable and sustainable venture while reshaping the construction ecosystem through technology,” Sharda said.
Currently, Infra.Market is clocking an annualised GMV (gross merchandise value) of USD 180 million (about Rs 1,326.4 crore) and intends to grow this to USD 300 million (about Rs 2,210.6 crore) by March 2021. GMV is a term used in online retailing to indicate the gross merchandise value of the products sold through the marketplace over a certain period of time.
The startup has been net profitable since its inception four years ago. It caters to both institutional customers (B2B) and retail outlets (D2R) in the construction material sector.
The company is working across 10 states in India and is looking at expanding further into Tier II cities within these states.
Almost 10 per cent of the revenue is currently generated from international operations. The company, which caters to international markets like Dubai, Singapore and Malaysia, will infuse a portion of funding to enhance the international operations.