Infra.Market, an India-based construction materials marketplace provider backed by conglomerate Sistema, has secured $125m in a series D round led by Tiger Global Management, according to TechCrunch.
The round valued Infra.Market at $2.5bn, up from $1bn six months ago.
Founded in 2016, Infra.Market provides a diversified technology offering for the construction sector, such as a distribution and logistics system, procurement processes digitisation and off-site manufacturing management.
The fresh funding will drive an expansion into additional geographies and product categories, as well as strategic acquisitions.
Sistema Asia Fund, an investment vehicle for Sistema, took part in a $100m series C round in February this year. Tiger Global led that round, which also featured Foundamental, Evolvence India Fund, Accel and Nexus Venture Partners.
Sistema Asia Fund also backed a $20m series B round in December 2020 that was led by Evolvence India Fund and backed by Tiger Global, Nexus Venture Partners and Accel. Trifecta Capital had supplied $5.3m of equity and debt financing six months earlier.
Tiger Global had already led a $26m series A round in December 2019 with commitments from Accel and Nexus Venture Partners. The amount included $6m of debt financing from Innoven Capital and followed $3.5m of seeding capital from Accel four months previously.
