[Funding alert] Infra.Market raises $50M in growth capital from Liquidity Group’s MARS Unicorn Fund
B2B constructions unicornon Monday said it raised $50 million in growth capital from Liquidity Group’s MARS Unicorn Fund.
Infra.Market will use the funds to cater to newer global markets and increase its presence across product verticals, especially in the chemical vertical.
Souvik Sengupta, Founder, Infra.Market, said,
“We continue to build on our vision of creating India’s largest multi-product construction materials brand and transforming the construction materials supply chain, not only in India but also globally. We are also embarking on new business verticals outside the construction ecosystem such as chemicals to enable us to provide end-to-end solutions to our customers across multiple industries."
He added, "We are seeing huge growth opportunities as we are rapidly expanding our product portfolio and market presence and the launch of new verticals will help us seed newer markets and create a best-in-class global commerce company out of India.”
Founded by Souvik Sengupta and Aaditya Sharda in 2016, Mumbai-based Infra.Market is an on-demand construction materials marketplace that leverages technology for quality control and supply chain visibility.
Last valued at $2.5 billion in August 2021, the unicorn counts, , , , , and as its investors.
On the customer side, Infra.Market aims to solve existing issues, including lack of price transparency, unreliable quality, fragmented vendor base, and inefficient logistics. On the supplier side, it ensures higher capacity utilisation, steady demand, and better customer reach.
The startup caters to both institutional customers (B2B) and retail outlets (D2R) in the construction materials sector. It supplies across 16 Indian states and exports to countries, including Dubai, Singapore, Jordan, Italy, etc.
In 2021, the company launched Chemical.Market–a B2B fulfilment platform for the chemical industry—which aims to create a full-stack procurement solution for the chemical industry, tap into the manufacturing abilities of Indian chemical manufacturers, and help them increase their reach globally by providing thoughtful supply chain solutions and access to raw materials for their manufacturing processes.
Ron Daniel, Co-founder and CEO, Liquidity Group, said,
“Liquidity is using technology to transform capital credit markets with unrivalled speed and accuracy. At each step in the process, our evaluation of Infra.Market showed a company delivering on its promise to remake construction and infrastructure projects across India and beyond.”
Recently, Infra.Market acquired 100 percent of RDC Concrete from private equity firm True North. Also, it picked up a strategic stake in Shalimar Paints.
At present, Infra.Market does over a billion dollars in annual revenue. It is expected to more than double that by the end of this year and is growing 5X year-on-year in India. More than half of its revenue is contributed by the company’s own brands. The company has also seen its export businesses soaring to over 25 percent of its revenue with its presence increasing to 10+ countries.
With this funding, the company sees its export business contributing over $750 million in revenue by the end of this year.
Edited by Suman Singh