Led by Tiger Global, the new round also saw participation from existing investors including the global investor in construction and mining technology Foundamental, Accel Partners, Nexus Venture Partners, Evolvence India Fund, and Sistema Asia Fund.
The company also plans to launch one project each under its affordable Provident brand in Thane and Pune.
New unicorns in India have been cropping up faster than ever. There are new startups crossing the billion-dollar-valuation mark at regular intervals now. The latest one to add to the tally of unicorn companies in India is the online procurement marketplace for construction material Infra.Market. The startup has managed to achieve the milestone in just around four years since launch. Infra.Market, on Thursday, announced $100 million funding in its Series C round led by Tiger Global that valued the company at $1 billion. Its existing investors including the global investor in construction and mining technology Foundamental, Accel Partners, Nexus Venture Partners, Evolvence India Fund, and Sistema Asia Fund also participated in the round.
The startup had last raised around $6.9 million in venture debt from InnoVen Capital in January this year and $20 million in December last year from existing investors. The new round has taken its total equity fundraising to around $150 million. According to Infra.Market, the new capital will be deployed to boost its “technological offerings, seed newer markets and advance their initiatives such as private label brands, direct to retail channel and exports.”
“We are seeing rapid acceleration in demand as Infrastructure and real-estate companies are looking to shift their procurement to get consistent quality and minimize delays,” said Souvik Sengupta, founder and CEO of Infra.Market. Launched by Sengupta and Aaditya Sharda, according to the startup’s portal, it had reached annual recurring revenue of $100 million in 2020 and had on-boarded over 300 manufactures and more than 100 customers along with over 70 logistics partners. According to the company, it also exports supplies to foreign markets such as Dubai, Singapore, and Bangladesh.
The building construction market in India is likely to witness a CAGR of 15 per cent during the 2020-2024 period to become worth Rs 29,78,220 crore, according to a September 2020 report by ResearchAndMarkets. The residential construction industry in value terms increased 11.1 per cent during 2015-2019 while the commercial building construction market grew 16.1 per cent during the forecast period.
From a single unicorn per year during the 2010-12 period, the annual number of startups turning unicorn in India grew to two during 2013-15 followed by three in 2016, eight in 2018, 10 in 2019, and 12 in 2020. 2021 has already witnessed new unicorns – Digit Insurance, Innovaccer, and Infra.Market coming up in less than two months.