Venture Capital: Tiger Global To Invest $125M In Indian Tech Startup Infra.Market (Bloomberg)
The deal values Infra.Market at $2.5 billion, insiders told Bloomberg.
Tiger Global Management has reportedly agreed to invest an additional $125 million in Infra.Market, an Indian startup and B2B online procurement platform that helps construction companies save 5%-7% of their input costs. The transaction values the startup at $2.5 billion. (Bloomberg)
That valuation is a solid jump considering Infra.Market was valued at around $1 billion in February in a Series C round led by Tiger Global. Existing investors such as Accel Partners, Nexus Venture Partners, Evolvence India Fund, Sistema Asia Fund, and Foundamental Gmbh, too, participated in that fundraising amounting $100 million.
Founded in 2016, Infra.Market has been profitable for the last four years. It currently has GMV of $400 million and is targeting a GMV of $1 billion in the current year. The company says the addressable construction material market is worth $140 billion – however it is particularly interested in the infrastructure sector.
The Indian government, in its budget this year, boosted allocations to infrastructure projects by 34%.
An informed person told Bloomberg confidentially that Infra.Market would use the funding to expand its reach in the domestic market.
An announcement of the funding may come as soon as Monday, Bloomberg said.
Related Story: Use Of AI To Monitor Construction Progress
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