[Update] Infra.Market Is Raising INR 40 Cr From Trifecta In Mix Of Debt And Equity

Update: June 20, 2020| 15:10

After the story was published, Infra.Market founder Souvik Sengupta told us that the company has raised INR 40 Cr in an equity and debt mix round of funding from Trifecta. The INR 15 Cr is the first tranche of the same. He added that the company will use the funds for geographical expansion across Kochi, Hyderabad, Nashik, and NCR.

Mumbai-based infrastructure technology company Infra.Market is raising fresh funding in a mix of equity and debt.

According to the Ministry of Corporate Affairs filings accessed by Inc42, the company in a meeting on June 18 floated an offer to raise INR 15 Cr from Trifecta Capital. For this, it is proposing to issue 150 Series A debentures at a face value of INR 10 Lakh, 2,207 preference shares at a face value of INR 30 and premium of INR 8,466.82 per share and 1 equity share at a face value of INR 10 and premium of INR 8,486.82 per share.

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. Post-issue, Trifecta will hold a 0.33% stake in the company.

Prior to this, the company has raised funds from Tiger Global, Accel Partners among others. 

Founded in 2016 by Aaditya Sharda and Souvik Sengupta, Infra.Market is a B2B online procurement marketplace for real estate and construction materials, with technology as their focal point.

Infra.Market has built a centralised online market for real estate and construction materials that offers fair pricing and enhanced technology experience to help customers get the best pricing for their needs. It does this by aggregating customer demands, matching them with the supply chain, and offering economies of scale on material pricing, along with affordable credit options that were earlier not available to B2B customers.

Some of its clients include ACC, Prism Johnson, JSW, IndiaCements, Dalmia, Nuvoco, Wonder Cement (earlier Lafarge), Capacite, Shapoorji, TataProjects, RDC Concrete, Sobha Developers, NCCCL, Godrej, and Swastik Infra.

As a technology platform, Infra.Market creates a direct communication chain between its clients and supply chain, ensuring an efficient delivery tracking facility. The startup dishes out a unique and personalised experience for customers, with a dedicated relationship manager to help understand and fulfill their specific requirements.

The company is competing with players such as Moglix, IndustryBuying, OfBusiness, and Power2SME. The industry has a positive outlook with experts forecasting that India is going to be the third-largest construction market globally by 2025. In fact, the construction sector has been the second-highest recipient of FDI in 2017.