Infra.Market, an Indian startup that helps construction and real estate companies source materials, has raised $50 million from the MARS Unicorn Fund to expand overseas, the companies told TechCrunch on Tuesday.
MARS Unicorn Fund, a joint venture between AI-driven fund Liquidity Group and Japanese bank MUFG, is an existing backer of the Mumbai-headquartered startup, having invested $50 million in 2022. The new investment, a major fundraising by InfraMarket's Singapore unit, values the startup at $2.5 billion, maintaining its 2021 Series C valuation.
Infra.Market is working to transform the way small and medium-sized manufacturing businesses in India operate. For example, Infra.Market helps companies gain greater control over quality control and source better raw materials by installing load cells in their manufacturing facilities. It also connects its customers with other companies that can provide better raw materials and offer pricing advice.
That's a big problem in India, where the construction industry is highly fragmented and dominated by smaller players who lack the resources or expertise to optimize their operations. The startup says its technology is helping smaller manufacturers attract bigger clients and expand their reach beyond India, winning customers in Bangladesh, Malaysia, Singapore and Dubai.
Infra.Market says it offers construction materials in bulk under its own brand. The startup targets both corporate clients and retailers in the construction materials sector.
“We continue to drive our vision of creating India's largest multi-product construction materials brand and transforming the construction materials supply chain not only in India but globally,” Subik Sengupta, founder and CEO of the startup, said in a statement.
“We are rapidly expanding our product portfolio and market presence and see opportunities for growth. The launch of new verticals will help us tap into new markets and create a best-in-class construction materials company in India.”
The startup, backed by Accel, Nexus, Fundamental and Tiger Global, says it has ramped up supply to retailers over the past 12 months and now supplies businesses across 20 Indian states and exports to Dubai, Singapore and Italy.
“Liquidity is leveraging technology to transform the capital credit market with unmatched speed and precision. Our Infra.Market assessment shows that at each step of the process, we are a company that is delivering on our promise to reshape construction and infrastructure projects in India and abroad,” said Ron Daniel, co-founder and CEO, Liquidity Group.
Northcote Luxe FinBrokers advised Infra.Market on the transaction.