[Funding alert] B2B marketplace Infra.Market raises $20 M from Tiger Global, Nexus Ventures
Infra.Market, a Mumbai-based B2B online procurement marketplace for real estate and construction materials on Monday said that it has raised $20 million in Series A funding round led by Tiger Global, Nexus Venture Partners, and existing investors Accel Partners. The company plans to use the freshly raised funds for its product and geographical expansion.
Earlier in August 2019, the company had announced that it had raised $3.5 million in a seed round from Accel Partners. It also raised a debt round of $4.5 million from InnoVen Capital in September. Dhruv Agarwala, the Founder and CEO of PropTiger is also an angel investor in the startup.
“This round happened before we expected, we are not looking to raise more funds. Currently, we are a high margin company and we have to stick to that. Our current monthly revenue is at $5 million and we aim to use the funds to grow the revenue to up to $20 million per month,” Co-founder Souvik Sengupta said.
With technology at its focal point, Infra.Market was founded by Souvik Sengupta and Aditya Sharda in 2016. A centralised online marketplace for real estate and construction materials, Infra.Market offers fair pricing and enhanced tech experience to its clients.
The startup aggregates its client’s demands and matches them with its supply chain, offering economies of scale on material pricing, along with affordable credit options.
Currently operational in Bengaluru, Pune, and Mumbai, Infra.market is looking to expand its footprint into cities including Hyderabad, Ahmedabad, and Chennai.
By March 2020, Infra.Market expects to be operational in at least five cities. The startup will also focus on expanding its product line to become a one-stop B2B ecommerce platform.
Infra.Market’s client list includes the likes of ACC, Prism Johnson, JSW, IndiaCements, Dalmia, Nuvoco, Wonder Cement (earlier Lafarge), Capacite, Shapoorji, TataProjects, RDC Concrete, Sobha Developers, NCCCL, Godrej, and Swastik Infra.
“While today we handle some of the clients' product requirements, we want to expand our offerings and want their entire procurement to go through us,” Souvik said.
According to the founders, the company has been profitable since its inception.
(Edited by Suman Singh)