Infra.Market, an Indian startup that helps construction and real estate firms procure materials, has raised $50 million from MARS Unicorn Fund as it looks to expand operations overseas, the companies told TechCrunch on Tuesday.
MARS Unicorn Fund, a joint venture between AI-driven fund Liquidity Group and Japanese bank MUFG, is an existing backer of the Mumbai-headquartered startup, having invested $50 million in it in 2022. The new investment, a primary fundraise, values Infra.Market at $2.6 billion, the startup said.
Infra.Market is attempting to transform the way small businesses in India’s manufacturing sector operate. By installing its load cells in manufacturing facilities, for instance, Infra.Market helps companies have a better grip on quality control and assists them source better raw materials. It also customers work with other businesses that can provide them with better raw material and provide guidance on pricing.
This is a major problem in India, where the construction industry is highly fragmented and dominated by small players who lack the resources and expertise to optimize their operations. The startup says its tech has helped small manufacturers attract larger clients and expand their reach beyond India, attracting clients in Bangladesh, Malaysia, Singapore, and Dubai.
Infra.Market says it offers high-volume construction products under its own brands. The startup caters to both institutional customers and retail outlets in the construction materials sector.
“We continue to build on our vision of creating India’s largest multi-product construction materials brand and transforming the construction materials supply chain, not only in India, but also globally,” the startup’s founder and chief executive, Souvik Sengupta, said in a statement.
“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 and create a best-in-class construction materials company out of India.”
The startup, backed by Accel, Nexus, Fundamental and Tiger Global, said it has increased supply to retail outlets in the last 12 months. It now supplies to businesses in 20 Indian states and exports to Dubai, Singapore and Italy.
“Liquidity is using technology to transform capital credit markets with unrivaled speed and accuracy. At each step in the process, our evaluation of Infra.Market showed a company delivering on its promise to remake construction and infrastructure projects across India and beyond,” said Ron Daniel, co-founder and CEO and Liquidity Group.
Northcote Luxe FinBrokers advised Infra.Market on the transaction.
