Construction-focused marketplace Infra.Market has raised close to $53 Mn in a debt funding round from more than 100 investors. Avendus Finance Limited led the debt round with around $10 Mn infusion in the Indian B2B unicorn.
The round also saw participation from Mindhouse founders Pankaj Chaddah & Pooja Khanna, Anupama Dalmia & Gautam Dalmia, Goenka Realtors Private Limited, Yukti Securities, Connaught Plaza Restaurant Pvt Ltd, Kritagyata Trust.
According to a report published earlier today, Infra.Market’s this new debt round was speculated to be around INR 200 Cr (~$26 Mn). However, according to regulatory filings accessed by Inc42, the round size stood at around INR 200 Cr ($53 Mn)
The fresh investment comes almost four months after Infra.Market bagged $125 Mn in a Series D funding round from US-based hedge fund Tiger Global. The round had nearly doubled Infra.Market’s valuation to $2.5 Bn.
Infra.Market was the third Indian startup to have entered the unicorn club this year. The startup’s valuation crossed $1 Bn in February after it raised $100 Mn from Tiger Global, Accel Partners, Nexus Venture Partners, Evolvence India Fund, Sistema Asia Fund, among others.
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.
The platform 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.
The startup serves institutional customers (B2B) and retail outlets present in the construction industry.
Infra.Market claims to have 324 clients and 289 manufacturers (according to its website). The startup has taken over 740 projects across four countries.
The startup caters to automotive, cement, real estate, steel, infrastructure and chemical industries. Some of its marquee clients are Tata Projects, Larsen & Turbo, Vedanta, Godrej Properties, and ACC Cements.
While Infra.Market doesn’t compete directly against any major Indian startups, however, it locks its horns with global players like Cambria, Al-Jazeera Paints, AfriSam, among others.
Infra.Market is among the five B2B marketplace unicorns that India has produced so far. Other unicorns in the B2B space are Udaan, Moglix, Zetwerk, and OfBusiness.
The post Exclusive: Infra.Market Bags $53 Mn In Debt From More Than 100 Investors appeared first on Inc42 Media.
Source Link Exclusive: Infra.Market Bags $53 Mn In Debt From More Than 100 Investors