India-based construction materials procurement service Infra.Market has received $20m in a series B round featuring Sistema Asia Fund, a corporate venturing vehicle for conglomerate Sistema, TechCrunch reported yesterday.
The round was led by private equity platform Evolvence India Fund and included Tiger Global Management, Nexus and Accel.
Infra.Market runs a business-to-business e-commerce marketplace for the construction industry. The funding will support expansion both domestically and in regional markets such as Bangladesh, Dubai and Singapore, which account for around 10% of the company’s revenue.
Trifecta committed $5.3m of equity and debt financing to Infra.Market in June this year. It came after a $26m series A round in December 2019 led by Tiger Global and backed by Nexus Venture Partners and Accel that included $6m of debt financing from Innoven Capital, according to media reports.
The company had already collected $3.5m of seed funding from Accel in August 2019, according to YourStory.