India's Infra.Market cements $50m funding deal with Mars Unicorn Fund

India's Infra.Market cements $50m funding deal with Mars Unicorn Fund

FILE PHOTO: Workers work at a construction site of a subway station in Beijing, China April 18, 2023. REUTERS/Tingshu Wang/File Photo

India-based construction solutions company Infra.Market on Tuesday said it has raised $50 million in funding from MARS Unicorn Fund, a joint venture between Liquidity Group and MUFG.

The fund had earlier invested $50 million in Infra.Market two years ago.

Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market claims to be the only company in the country to supply over 15 different building materials including concrete, AAC blocks, steel, and pipes & fittings, among other things. 

The firm plans to use the funds to cater to newer global markets and increase its presence across product verticals.

“We are seeing growth opportunities as we are rapidly expanding our product portfolio and market presence, and the launch of new verticals will help us seed newer markets and create a best-in-class construction materials company out of India,” Sengupta said in a statement.

The announcement comes on the heels of the ongoing increase in allocation for infrastructure projects under the National Infrastructure Pipeline, which has planned projects worth $2 trillion to be deployed over the next few years.

Infra.Market has centres across India, including regional offices in Noida, Gurugram, Delhi, Kochi, Bangalore, Hyderabad, Pune, and Nashik.

Valued at $2.5 billion, the company became a unicorn in 2021 after having raised $100 million (around ₹724 crore) in a Series C round led by existing investor Tiger Global. It took less than 20 months for the startup to touch the $1 billion valuation since raising a seed round from Accel Partners in 2019.

The MARS Unicorn fund deploys funds in Southeast Asia through a future-ready AI platform backed by Tel Aviv-based Liquidity Group. The fund works solely with fast-growth companies typically in the post-C financing rounds.

Edited by: Joymitra Rai

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