Infra.Market, a Mumbai-based, a B2B e-commerce platform for construction materials, has bagged $20 million (approx INR 143 crore) in series A funding round from Tiger Global, Nexus Venture Partners, Accel Partners and Druv Agarwal, founder and CEO of Proptiger, reported Inc42.
The startup Infra.Market will be using the infused financials for expansion in cities such as Hyderabad, Ahmedabad, and Chennai and also aims to grow its revenue from the existing $5 million per month to $20 million.
Souvik Sengupta, cofounder, Infra.Market said, “This round happened before we expected, we are not looking to raise more funds. Currently, we are a high margin company and we have to stick to that.”
Infra.Market was founded by Aaditya Sharda and Souvik Sengupta in 2016. It is a tech enabled B2B ecommerce platform for construction materials. The platform is a technology company trying to change the way construction and real estate companies procure material for their projects.
Infra.Market aggregates demand to offer economies of scale on material pricing not previously available to individual customers and projects.
It has built a centralised online market for real estate and construction materials that offers fair pricing and an enhanced technology experience to its clients.
It creates a direct communication chain between its clients and supply chain, ensuring an efficient delivery tracking facility.
According to the reports, the B2B e-commerce market will grow at 2.5 times from the present pace to touch $7 billion by 2020. The global B2B ecommerce market will reach $6.7 trillion, the report added.
Besides Infr.Market, other startups under the similar sky include Moglix, IndustryBuying, OfBusiness, Power2SME, and among others.in