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

The firm plans to make use of the recent funds to enter newer markets and push initiatives resembling D2R.

Infra.Market, a Mumbai-based expertise agency, has raised a Series B funding of $20 million from Evolvence India Fund, Sistema Asia Fund, and Foundamental Capital Gmbh rising the entire fund raised by the beginning-as much as about $50 million. Existing traders together with Accel, Tiger Global, and Nexus Venture Partners additionally participated in the spherical.

The newest funding comes after Infra.Market had raised $20 million in its Series A funding spherical led by Tiger Global in December 2019. Infra.Market has raised $34.7 million funding from marquee traders like Trifecta Capital, Nexus Venture Partner, Tiger Global Management and Accel. The firm final raised $5.4 million in a mixture of fairness 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-cease on-line procurement market for building materials, logistics and monetary assist. It aggregates demand and matches it with the provision chain, with wholesale pricing on supplies, together with credit score or financing, which isn’t all the time obtainable for small companies in this sector.

The new funds will allow the group to seed newer markets and advance their integration initiatives resembling personal labels and direct to retail channel. The firm has 304 purchasers with 742 initiatives throughout Four nations. It can be related to 289 producers and has day by day deliveries reaching 946. The firm reported that it reached ARR (Annual Recurring Revenue) of $50 million and $100 million in 2019 and 2020 respectively.

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