The technology firm – Infra.Market, has secured a Series B funding of $20 million. The fresh funding round was led by Evolvence India Fund, Sistema Asia Fund, and Foundamental along with participation from existing investors including Accel, Tiger Global, and Nexus Venture Partners.
With the fresh funds, the company plans to expand into newer markets and facilitate its private labels and direct-to-retail channels.
Sumit Jain, Senior Partner, Sistema Asia Fund, said – “Infra.Market is disrupting the largely fragmented construction industry procurement in India which is at the cusp of an inflection, given the policy-driven focus on the sector.”
Previously, the Mumbai-based company has raised a Series A funding of $20 million from Nexus Venture Partners & Tiger Global.
According to the company, it has reached an ARR of $100 million and on-boarded over 100 customers in 2020. It has also launched Infra.Market direct to retail, Infra.Market export initiatives in three Countries and two new private labeled product verticals in the current year.
It provides a one-stop marketplace for construction materials, logistics and financing support and has more than 300 employees. With centers across India, it has regional offices in Noida, Gurugram, Delhi, Kochi, Bangalore, Hyderabad, Pune, and Nashik.
-AK
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.