Tiger funding gives B2B company Infra.Market $1 billion valuation – Times of India
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BENGALURU: Infra.Market, a business-to-business (B2B) commerce platform for construction materials, has become the latest entity to turn into a unicorn (valued at $1 billion or more).
The development came after existing investor Tiger Global led a $100-million funding in the startup. Infra.Market reached the milestone within 20 months of raising its first institutional funding, prior to which it was bootstrapped.
Started in 2016, Infra.Market has seen its valuation jump nearly fivefold in about four months, from the time it last raised $20 million from investors at a valuation of $200 million.
While Tiger put in $80 million, existing investors like Accel Partners, Nexus Venture Partners, Evolvence India Fund, Sistema Asia Fund and Foundamental infused the rest.
It has seen a four times growth in business compared to pre-Covid levels and is also among the rare startups to book a third consecutive year of profits. It is expected to close the financial year March 2021 with revenue of around Rs 1,200 crore and profit after tax of Rs 36 crore.
With this, in the first two months of 2021, India has seen three new unicorns officially — Digit and Innovaccer being the other two. In 2020, India saw a record 11 new unicorns.
Multiple other startups are in the final stages of closing new financing rounds that will catapult them into the coveted club. But these are yet to be officially announced. Infra.Market is also one of the bets by Tiger’s Scott Shleifer, who took over from Lee Fixel in 2019.
“The valuation growth has come because of the business growth. The kind of spending that’s happening in infrastructure — we are getting a benefit of that and it is also built into it (valuation jump). We are hoping to clock $1 billion in gross sales in 2021,” Infra.Market cofounder Souvik Sengupta told TOI.
The Mumbai-based startup works with both institutional customers and retail outlets in the construction materials sector, supplying goods across 10 states in India and exporting to markets such as Dubai, Singapore and Bangladesh.
Within a year of starting exports, 10% of sales come from outside India. “With pioneering technology innovation and the ability to stitch together private label brands, Infra.Market is positioned for strong growth, healthy economics and profitability,” said Shleifer.
The development came after existing investor Tiger Global led a $100-million funding in the startup. Infra.Market reached the milestone within 20 months of raising its first institutional funding, prior to which it was bootstrapped.
Started in 2016, Infra.Market has seen its valuation jump nearly fivefold in about four months, from the time it last raised $20 million from investors at a valuation of $200 million.
While Tiger put in $80 million, existing investors like Accel Partners, Nexus Venture Partners, Evolvence India Fund, Sistema Asia Fund and Foundamental infused the rest.
It has seen a four times growth in business compared to pre-Covid levels and is also among the rare startups to book a third consecutive year of profits. It is expected to close the financial year March 2021 with revenue of around Rs 1,200 crore and profit after tax of Rs 36 crore.
With this, in the first two months of 2021, India has seen three new unicorns officially — Digit and Innovaccer being the other two. In 2020, India saw a record 11 new unicorns.
Multiple other startups are in the final stages of closing new financing rounds that will catapult them into the coveted club. But these are yet to be officially announced. Infra.Market is also one of the bets by Tiger’s Scott Shleifer, who took over from Lee Fixel in 2019.
“The valuation growth has come because of the business growth. The kind of spending that’s happening in infrastructure — we are getting a benefit of that and it is also built into it (valuation jump). We are hoping to clock $1 billion in gross sales in 2021,” Infra.Market cofounder Souvik Sengupta told TOI.
The Mumbai-based startup works with both institutional customers and retail outlets in the construction materials sector, supplying goods across 10 states in India and exporting to markets such as Dubai, Singapore and Bangladesh.
Within a year of starting exports, 10% of sales come from outside India. “With pioneering technology innovation and the ability to stitch together private label brands, Infra.Market is positioned for strong growth, healthy economics and profitability,” said Shleifer.
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