Infra.market latest to join unicorn club

Infra.market, a constr uction ma terials f ocused o nline marketplace tha t sells mostly its o wn brands , is the la test to join the unicorn c lub i n the co untry with the la test $100 million funding led by Tig er Global, valuing it at $1 billion.

The T hane-based online marketplace founded in 201 6 has reached the co veted unicorn status within 20 months of raising its seed r ound from Accel P artners in June 2019, a firm official said.

The year 2020 saw 12 unicorns being cr eated in the country and the la test Nasscom r eport sees the number soaring to 50 this year. And Infra.mar ket i s the maiden entry this year.

"The series-C round of USD 100 million led b y Tiger Global will ena ble us to enhan ce tec hnological offerings, seed ne wer markets and ad vance our pri - vate la bel brands w hich contribute mor e than tw othirds of our sales , and expand our dir ect to r etail channels and exp orts," Infra.market said in a sta tement on Thursday.

The la test funding r ound values the mar ketplace a t USD 1 billion, it added.

Its existing investors, who also par ticipated in this round, inc lude Ac cel P artners, Nexus V enture P artners, Ev olvence India Fund, Sistema Asia Fund and Foundamental Gmbh.

Infra.market, a one-stop marketplace f or quality construction ma terials, which ar e mostl y its o wn brands, was f ounded by Souvik Sengupta and Aa - ditya Sharda in 2016.

As a procurement marketplace it leverages technology to pr ovide an enhanced procurement exp erience for all pla yers in the construction ecosystem that is worth USD 140 billion.