India-based construction materials marketplace provider Infra.Market has raised $100m in a growth financing round backed by Sistema Asia Fund, an investment vehicle for conglomerate Sistema, Bloomberg reported yesterday.
Hedge fund manager Tiger Global Management led the round, which valued Infra.Market at $1bn. It included construction-focused investment firm Foundamental, private equity vehicle Evolvence India Fund and venture capital firms Accel and Nexus Venture Partners.
Infra.Market was founded in 2016 and provides an e-commerce marketplace that enables businesses to procure high volumes of construction materials such as concrete, speciality chemicals and fly ash.
The capital injection will enable Infra.Market to further develop its technology platform and enter new markets. It is also looking to pursue new initiatives including private label brands, a direct to retail channel and exports.
Sistema Asia Fund participated in a $20m series B round for the company in December 2020 that was led by Evolvence India Fund and backed by Tiger Global, Nexus Venture Partners and Accel. Trifecta Capital had provided $5.3m of equity and debt financing six months earlier.
Tiger Global had previously led Infra.Market’s $26m series A round in December 2019 with backing from Accel and Nexus Venture Partners. It included $6m of debt financing from Innoven Capital and came after $3.5m of seeding funding from Accel in August 2019.