Infra.Market, an Indian startup that helps construction and real estate firms source materials, has raised $50 million from the MARS Unicorn Fund because it plans to expand overseas, the firms told TechCrunch on Tuesday.
MARS Unicorn Fund, a three way partnership between AI-powered fund Liquidity Group and Japanese bank MUFG, is already backing the Mumbai-based startup, having invested $50 million in it in 2022. The new investment is the lead fund raised by Infra.Market’s Unit with Singapore values the startup at $2.5 billion, maintaining its Series C valuation for 2021.
Infra.Market is trying to alter the way small businesses operate in the Indian manufacturing sector. For example, by installing load cells in manufacturing plants, Infra.Market helps firms higher control quality control and helps them source higher raw materials. Customers also work with other firms that may provide them with higher raw material and provide pricing guidance.
This is a major problem in India, where the construction industry is highly fragmented and dominated by small players who lack the resources and expertise to optimize their operations. The startup claims its technology has helped small manufacturers attract larger customers and expand its reach beyond India, attracting customers from Bangladesh, Malaysia, Singapore and Dubai.
Infra.Market claims to supply mass construction products under its own brands. The startup serves each institutional clients and shops in the (*50*) materials industry.
“We continue to advance our vision of creating India’s largest multi-product building materials brand and transforming the building materials supply chain, not only in India but also globally,” the startup’s founder and CEO Souvik Sengupta said in a statement.
“We see growth opportunities as we rapidly expand our product portfolio and market presence, and launching new verticals will help us expand into new markets and create a best-in-class building materials company in India.”
The startup, backed by Accel, Nexus, Fundamental and Tiger Global, said it has increased supply to shops over the past 12 months. It currently supplies to firms in 20 Indian states and exports to Dubai, Singapore and Italy.
“Liquidity leverages technology to transform equity lending markets with unmatched speed and accuracy. At every step of the process, our evaluation of Infra.Market has shown that the company is delivering on its promise to transform construction and infrastructure projects in India and beyond,” said Ron Daniel, co-founder and CEO of Liquidity Group.
Northcote Luxe FinBrokers advised Infra.Market in the transaction.