Mumbai-based Infra.Market bags $20 million in Series B funding from Evolvence, Sistema

Infra.Market, a Mumbai-based technology firm, has raised a Series B funding of $20 million from Evolvence India Fund, Sistema Asia Fund, and Foundamental Capital Gmbh increasing the total fund raised by the start-up to about $50 million. Existing investors including Accel, Tiger Global, and Nexus Venture Partners also participated in the round.The latest funding comes after Infra.Market had raised $20 million in its Series A funding round led by Tiger Global in December 2019. Infra.Market has raised $34.7 million funding from marquee investors like Trifecta Capital, Nexus Venture Partner, Tiger Global Management and Accel. The company last raised $5.4 million in a mix of equity and debt from Trifecta in June 2020.Founded in 2016 by Aaditya Sharda and Souvik Sengupta, Infra.Market is a B2B (Business-to-Business) one-stop online procurement marketplace for construction material, logistics and financial support. It aggregates demand and matches it with the supply chain, with wholesale pricing on materials, along with credit or financing, which is not always available for small businesses in this sector.The new funds will enable the team to seed newer markets and advance their integration initiatives such as private labels and direct to retail channel. The company has 304 clients with 742 projects across 4 countries. It is also connected to 289 manufacturers and has daily deliveries reaching 946. The company reported that it reached ARR (Annual Recurring Revenue) of $50 million and $100 million in 2019 and 2020 respectively.