Mumbai based B2B startup Infra.Market has become the latest Indian startup to have joined the coveted and rapidly expanding list of unicorns in the nation, reports Livemint.
Founded in 2017 by Souvik Sengupta and Aaditya Sharda, Infra.Market has taken less than 20 months to touch the $1 billion valuation mark. The company had raised its seed capital in 2019 from Accel Partners.
The valuation has been reached in the just culminated Series C funding round in which the company raised $100 million. The funding round was led by Tiger Global which is an existing investor in the company. Meanwhile, Accel Partners also took part in the round along with other existing partners Nexus Venture Partners, Evolvence India Fund, Sistema Asia Fund, and Fundamental Gmbh.
The company operates an online marketplace for real estate and infrastructure companies to procure construction materials online at a fair price. It has more than 400 large clients which include the likes of Larsen & Toubro Ltd, Ashoka Buildcon and Tata Projects.
Reportedly, the company has been profitable since 2016 and posted a profit of Rs eight crore in FY20. Its gross merchandise value (GMV) is $400 million and it hopes to achieve $1 billion GMV by the end of 2021.
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