Infra.Market has raised $20 million (₹141 crore) in Series-B funding, led by Evolvence India Fund, Sistema Asia Fund and Foundamental Gmbh, increasing the total fund raised by the start-up to about $50 million.
This round also witnessed investments from existing investors Accel Partners, Tiger Global and Nexus, the firm said in a statement.
Founded in 2016, Mumbai-headquartered Infra.Market is a marketplace for construction materials, logistics and financing support.
“We believe strongly that infrastructure and construction activity in India will continue to see significant tailwinds as the Government backs its vision for India to be amongst the fastest growing economies globally,” Rohit Batra, Partner at Evolvence India, said.
The company will use the funds to seed newer markets and advance integration initiatives such as private labels and direct to retail channels.
At present, the startup —which has been net profitable since inception — has an annualised Gross Merchandise Value of $180 million and intends to grow this to $300 million by March 2021.