India-based technology company Infra.Market has acquired majority stake in Hyderabad-based Sociam Equipment Solutions Pvt. Ltd. It is an equipment solutions platform and owns Equiphunt. The financial details of the deal was not disclosed.
Aaditya Sharda, co-founder – Infra.Market, said, “Construction is one of the largest components in India’s economy and yet ironically one of the most unorganised sectors. In our experience in digitising the material procurement for construction companies, we realize the value chain in digitising equipment management for the construction sector. Equiphunt team has successfully built a pioneering construction equipment management platform and we are excited to partner with them to build out India’s largest digitised equipment solutions platform.”
Pursuant to the deal, Shashank Dangayach, co-founder of Equiphunt, will continue to lead Equiphunt. Additionally, Manish Sharma, the head of equipment vertical at InfraMarket will join Equiphunt’s board.
“We are extremely excited about our future as a part of InfraMarket. As a part of the existing InfraMarket ecosystem, we would be able to build stronger consumer connections and accelerate our journey. Equipment management is a pain point for today’s construction companies and our journey to digitize and solve the pain points in the construction equipment value chain will continue,” added Shashank Dangayach.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.