In December, Infra.Market raised $20 million in a funding round led by Evolvence India Fund, Sistema Asia Fund and Foundamental, along with existing investors Accel, Tiger Global and Nexus.
The four-year-old startup has raised about $50 million in equity so far.
“This year, the priority will be to enhance our product portfolio, service offerings and expand to new regions. With our recent equity funding as well as the debt raise, the company is well-capitalised to execute the growth agenda,” said Souvik Sengupta, co-founder at Infra.Market.
Founded by Sengupta and Aaditya Sharda in 2016, Infra.Market is a full stack-managed marketplace for building material and helps construction and real estate companies procure material efficiently and at low cost. The company, at present, works with more than 170 small manufacturers and counts companies such as Larsen & Toubro Ltd., Tata Projects Ltd. and Ashoka Buildcon Ltd. as clients. It sells to more than 400 large clients and 3,000 small retailers.
“Infra.Market is one of our high-performing portfolio companies, which has managed good balance between growth and profitability. We are firm believers that focused B2B platforms with deep domain knowledge and a tech first approach have great opportunity to organize large categories efficiently,” said Ashish Sharma, chief executive officer at InnoVen Capital India.
InnoVen Capital first invested $4.5 million as debt in the company in September 2019.
Founded in 2008 as a dedicated venture debt provider in India, InnoVen offers multiple debt capital solutions, including venture debt, acquisition finance, growth loans, and syndication. It has so far completed over 250 transactions in more than 180 startups, including Byju’s, Swiggy, Oyo Rooms, CureFit, Eruditus, Dailyhunt, FirstCry, PharmEasy, Pepperfry, boAT, Licious, Myntra, Blackbuck and Rebel Foods.