Infra.Market, a Mumbai-based business-to-business marketplace for real estate and construction materials, has raised $20 million in Series B funding from Evolvence India Fund, Sistema Asia Fund, and Foundamental Gmbh, per a statement.
Existing investors including Accel, Tiger Global, and Nexus Venture Partners also participated in the financing, the statement added.
The new funds will enable the company to enter new markets and advance its integration initiatives such as private labels and direct-to-retail channels. It will infuse a portion of the current funds to enhance its international operations. Almost 10 per cent of the revenues of the startup are currently generated from its overseas operations. It currently exports to Dubai, Singapore, and Malaysia among other markets.
Founded in 2016 by Aaditya Sharda and Souvik Sengupta, Infra.Market leverages technology to provide smooth procurement experience to its customers. The startup aims to solve existing issues such as a lack of price transparency, unreliable quality, a fragmented vendor base and inefficient logistics.
Currently, Infra.Market is achieving $180 million annualised gross merchandise volumes (GMV) and intends to grow this up to $300 million by March 2021. The startup claims to have been net profitable since its inception four years ago. The company is working across 10 states in India and is looking to expand further into tier 2 cities within these states.