Infra.Market, an India-based tech construction material solutions company, has secured an additional $50 million in financing from MARS Unicorn Fund, a joint venture from Israel-based asset manager Liquidity Group and Japan-based financial group MUFG.
Infra.Market said in a statement on Tuesday that this additional funding increases the firm’s total financing from $50 million in 2022 to $100 million.
The firm intends to use the proceeds of the latest raise to cater to newer global markets and increase its presence across product verticals.
The firm said the additional financing is a testament to the strong relationships cultivated with the company and its founders, as well as an artificial intelligence (AI)-driven analysis of the company’s future financial integrity and execution — a proprietary technology developed by Liquidity Group.
It also demonstrates the firm’s strategy of partnering with late-stage technology companies on multiple large-scale financing solutions necessary to support high-growth opportunities.
Infra.Market said the firm is targeting the $140 billion construction materials market, with a strong focus on the infrastructure sector.
The announcement also comes on the heels of the ongoing increase in allocation for infrastructure projects under India’s National Infrastructure Pipeline, which has planned projects worth $2 trillion to be deployed over the next few years.
“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,
“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,” said Souvik Sengupta, Founder, Infra.Market, commented.
Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market is a construction solutions company with a vision of creating India’s largest multi-product construction materials brand and transforming the entire supply chain globally.
The firm leverages technology to provide an enhanced procurement experience for all players in the construction ecosystem.
Infra.Market focuses on high-volume construction products under its own brands.
It supplies over 15 different building material product categories including concrete, AAC blocks, steel, pipes and fittings, MDF, plywood, laminates, tiles, bath fittings and sanitary, fans, lights, kitchen and electrical appliances, modular kitchens and wardrobes, designer hardware and paints.
On the customer side, it aims to solve existing issues such as a lack of price transparency, unreliable quality, a fragmented vendor base and inefficient logistics.
On the supplier side, it ensures higher capacity utilization, a steady demand and better customer reach.
The firm caters to both institutional customers (B2B) and retail outlets (D2R) in the construction materials sector.
Over the last 12 months, it has grown supply to retail outlets steadily and follows a dual model of flagship stores (for catering to smaller stores) and dealership stores (for retail customers).
It supplies across 20 states in India and exports to multiple global markets, such as Dubai, Singapore, Italy and more.
“This upsize reflects our commitment to supporting exceptional companies not only in India but also across the entire Asia Pacific (APAC) region,
“We are seeing a growing demand for scaled financing solutions in India and are pleased to have Mars Growth Capital help answer that need,” said Navas Ebin Muhammed, Managing Director and Head of APAC, Liquidity Group.
Meanwhile, Ron Daniel, Co-Founder and Chief Executive Officer of Liquidity Group, noted that 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,
“We are thrilled to continue supporting the company, its management and its mission,” he added.