The fundraising comes five months after the startup
became a unicorn. Tiger Global had in February led a $100-million funding round in the company, which also saw participation of investors like Accel and Nexus Venture Partners, at a valuation of $1 billion.
The fresh capital will be used to acquire mid-sized brands in the construction market.
“Tiger Global is doubling down on its bet on us. They have written the full cheque in this round,” Sengupta told ET. “We are looking to acquire medium-sized brands in the broader construction space to widen our offerings within the construction ecosystem, but beyond materials to enable us to provide end-to-end solutions to our customers across the lifecycle of a construction project.”
According to Sengupta, Infra.Market at present has an annualised revenue run-rate of $750 million and is hoping to take the same to $1 billion by December. “We are also looking to do our own private labels, and acquisitions will play a key role in that,” he said.
Started by Sengupta and Aaditya Sharda in 2016, Infra.Market gets around 15% of its sales from overseas markets like Dubai, Singapore and Jordan. In India, it is present in 10 states.
”The team has demonstrated exceptional growth and continues to disrupt the construction materials industry. Over the past year, Infra.Market has become the go-to partner, especially during the pandemic when the traditional supply chains were disrupted,” said Scott Shleifer, partner at Tiger Global.
Avendus Capital was the investment adviser for this deal.