Today, Infra.Market has announced that it has raised $100 million funding in Series C round led by Tiger Global, a New York-based investor. Current funding round has helped the startup to become the new member of prestigious unicorn club. A company gets a unicorn tag when its market valuation reaches $1 billion and above.
Infra.Market helps the construction and real estate companies in buying selling the construction materials. At a time, when the real estate market is fighting to survive, Infra.Market’s funding raise is a noted achievement.
Funding Details of Infra.Market
In the latest funding round, Foundamental, Accel Partners, Nexus Venture Partners, Evolvence India Fund, and other existing investors also participated. Current funding helped the startup to have a market cap of$1 billion.
The company was founded in 2017 in Mumbai. In December 2020, the startup completed the Series B funding round. So far, it has collected $150 million. After December funding, the company’s market valuation was estimated at around $200 million. Avendus Capital helped the startup in the new transaction of Series C funding.
Infra.Market helps small firms that manufacture paints and cement. It helps them in four major ways. First, it provides the necessary guidance to maintain the quality or to improve the quality on the basis of the client’s feedback. Second, it encourages them to meet the various compliance set by the industry. Third, it helps them in getting the right clients to achieve maximum profits through the sale of their products. Fourth, it closely works with them to provide timely delivery to the clients.
What Infra.Market Co-founder Says About the Future Plans?
Infra.Market co-founder Souvik Sengupta said that these practices help small businesses to get big clients. The company also helps these manufacturers to get international clients. The startup is also having a wide international customer base. Other than India, it provides help to clients from Bangladesh, Malaysia, Dubai, and Singapore countries.
He further said:
“We are bringing a service layer to these small manufacturers, enabling them to grow their business. We don’t own the asset and are creating private label brands, ”
Currently, Infra.Market is providing its services to 170+ small manufacturers. It has also worked with big clients like Tata Projects, Larsen &Toubro, Ashoka Buildcon. Till now, it has helped small manufacturers to sell the products to more than 400 large clients and 3000+ small retailers.
In an interview with Techcrunch, Sengupta said that the startup was on the track to achieve Annual Recurring Revenue(ARR) of $100 million. Pandemic became the biggest barrier in achieving that milestone. The startup business was reduced to half due to the covid pandemic.
After the relaxation in lockdown, the startup is again coming on track. It may hit $180 million ARR. The company has a plan to achieve an ARR of $300 million by March.
