Infra.Market gets $125 million funding from Tiger Global
Recently, Tiger Global decided that it will finance an additional $125 million in Infra.Market. The agreement will be worth the home-grown technology start-up at about $2.5 billion. The firm will use the fresh funds for capital expansion in the domestic market. The start-up was esteemed at $1 billion in a funding round last year.
Tiger Global had contributed in a $20 million funding round in 2019 along with Evolvence India Fund, Sistema Asia Fund, Fundamental, Accel, and Nexus.
The Company states, “Infra.Market helps small businesses such as manufacturers of paints and cements improve the quality of their production and meet various compliances. The startup adds its load cells to the manufacturing facilities of these small businesses to ensure there is no lapse in quality, and also helps them work with other businesses that can provide them with better raw material and provide guidance on pricing. It also works closely with businesses to ensure that their deliveries are made on time.”
Founded in 2017 by Souvik Sengupta and Aaditya Sharda, the Mumbai-based startup aims to change construction and real estate companies procure materials such as cement, flyash, ready mix concrete, construction chemicals, and more for their projects. They have regional offices in Noida, Gurugram, Delhi, Kochi, Bangalore, Hyderabad, Pune, and Nashik.
In 2019, the company launched Infra.Market Export initiatives in three countries.