A further $50 million has been raised by the construction supplies marketplace Infra.Market from the Mars Unicorn Fund, a partnership between Japanese bank MUFG and global asset manager Liquidity Group.
In 2022, the firm made a $50 million investment in Infra.Market. The most recent investment is in Infra.Market’s Singaporean subsidiary. Two years ago, the parent firm of the business was valued at approximately $2.5 billion. When Infra.Market announced the fundraising on Tuesday, it stated that it intended to use the additional funds to grow its product offerings and worldwide operations.
“We are seeing growth opportunities as we are rapidly expanding our product portfolio and market presence, and the launch of new verticals will help us seed newer markets,” said co-founder Souvik Sengupta.
According to a statement from company officials, the announcement coincides with the continuous increase in funding for infrastructure projects under India’s National Infrastructure Pipeline, which has $2 trillion worth of projects scheduled for deployment over the next few years.
Sengupta and Aaditya Sharda founded Infra.Market in 2016 to provide goods to institutional and retail clients. Products include concrete, steel, pipes and fittings, plywood, laminates and tiles.
The businesses that supply its goods go by the names Infra.Market, IVAS, Shalimar Paints and RDC. The revenue of Infra.Market, supported by Accel, Fundamental VC, Nexus Venture Partners and Tiger Global, increased from ₹6,236 crore in FY21–22 to ₹11,846 crore in FY23. Infra.Market’s most recent deal was exclusively advised by Northcote Luxe FinBrokers.
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