Mumbai-based infrastructure technology business Infra.Market has raised $20 Mn in Series B funding round from Evolvence India Fund, Sistema Asia Fund, and Foundamental. Existing investors Accel, Tiger Global and Nexus also participated in the round.
Infra.Market has raised $34.7 Mn funding from marquee investors like Trifecta Capital, Nexus Venture Partner, Tiger Global Management and Accel. The company last raised $5.4 Mn in a mix of equity and debt from Trifecta in June 2020.
The company in its filings said that the object of the issue is to raise funds for the growth, expansion, and general corporate activities of the company.
Founded in 2016 by Aaditya Sharda and Souvik Sengupta, Infra.Market is a B2B online procurement marketplace for real estate and construction material that leverages technology to offer fair pricing and a smoother procurement experience for its customers.
It aggregates demand and matches it with the supply chain, with wholesale pricing on materials, along with affordable credit or financing, which is not always available for small businesses in this sector.
“We are excited to onboard the new investors on the journey to build one of the largest B2B startups in India. We are thankful for the new investors and the continued support of our existing investors as we remain focused on building a profitable and sustainable venture while reshaping the construction ecosystem through technology,” said Aaditya Sharda, founder of Infra.Market.
Infra.Market has been profitable since the first year of operations. In the financial year 2020, the company recorded a consolidated of INR 352 Cr with an expenditure of INR 330 Cr, leading to a profit of INR 8.65 Cr.
The company’s main entity had recorded a revenue of INR 350 Cr, representing a 5.5x jump from INR 63 Cr recorded in FY2019. The biggest jump in the revenue has come through the growth in the income from operations, which grew from INR 63 Cr to INR 348.7 Cr in FY20. The company earned about INR 347.58 Cr by selling products, while INR 1.16 Cr came from the sales of services.
Meanwhile, Infra.Market’s latest subsidy had recorded a revenue of INR 2 Cr with INR 1.92 Cr as expenditure, leading to a profit of INR 6 Lakh. The latest entity is working in the direct-to-retail segment by directly selling its construction material to retails.
The company competes with other B2B companies BuildNext, Infra Bazaar, Materialtree, IndustryBuying, Moglix, Tolexo, Power2SME, mSupply and others.