Infra.Market will be using the funds raised in working capital requirements to grow the business as well as other uses.
The startup Infra.Market is a marketplace which ties up with contract manufacturers and gets them to utilize idle capacity and manufacture products for its own brand.
The latest unicorn Infra.Market has raised Rs 100 Crore in venture debt funding from Alteria Capital which is India’s largest venture debt fund.
Infra.Market was founded by Souvik Sengupta and Aaditya Sharda in 2016, with the aim to establish in the market when it comes to procure the construction materials, the platform is a procurement marketplace that leverages technology to provide procurement experience for all the players in the construction ecosystem. Infra.Market is trying to disrupt the way in which companies procure their building materials by bringing standardization, quality and predictability in the supply chain. The startup is a marketplace which ties up with contract manufacturers and gets them to utilize idle capacity and manufacture products for its own brand.
“Infra.Market is a clear category leader which is organizing the building materials and allied commerce segment in India. We have known the company for a while, and they have performed very well on growth coupled with strong profitability across the board,” said Punit Shah, Partner, Alteria Capital.
“The company has performed exceedingly well and has beaten all expectations. The capital will be used for working capital requirements to grow the business as well as other uses,” added Shah.
From the latest round of Series C funding from Tiger Global the company has achieved the tag of unicorn, the company also saw the participation of Accel Partners, Nexus Venture Partners and Evolvence India Fund.
“We are excited to have Alteria on-board. We have been pleased with the speed and thoroughness they have shown in understanding our business over time. We look forward to this partnership and leveraging their network as we scale our business in the coming years,” said Souvik Sengupta, founder, Infra.Market.
Alteria is also anchoring a new initiative in the B2B space through the formation of the Indian B2B Clan. This is a virtual community intended to bring together founders in the B2B services and commerce segments where they can seek guidance on various operating goals as well as broad business strategy.
“B2B commerce as a segment is still largely untapped and there is a lot of potential. So we felt that there is a strong need for a platform where founders can come together and share their learnings,” said Shah.
The community was launched in June and will be an exclusive club for founders to have peer group engagement in a focused manner.
Alteria Capital is India’s largest venture debt provider with a corpus of Rs. 2300 crore across two funds. Alteria recently raised commitments of Rs1,325 crore from domestic investors for its second venture debt fund. Alteria has backed companies like Rebel Foods, BharatPe, Dealshare, Spinny, Lendingkart, Zestmoney, Dunzo, Portea, Toppr, Stanza, Pratilipi, Vogo, Melorra, Mfine, Generico, Loadshare, LBB, among others.