Tiger Global will invest an additional $125 million in Infra.Market. The deal will value the homegrown technology startup at about $2.5 billion. The company will use the fresh funds for capital expansion in the domestic market. The startup was valued at $1 billion in a funding round last year.
The announcement could come as soon as Monday, as mentioned in a report in Bloomberg. However, the discussions could swing either way, the news site said.
Infra.Market declined to comment, while Tiger Global did not comment on the development.
Tiger Global had participated in a $20 million funding round in 2019 along with Evolvence India Fund, Sistema Asia Fund, Foundamental, Accel and Nexus. “Infra.Market helps small businesses such as manufacturers of paints and cements improve the quality of their production and meet various compliances. The startup adds its load cells to the manufacturing facilities of these small businesses to ensure there is no lapse in quality, and also helps them work with other businesses that can provide them with better raw material and provide guidance on pricing. It also works closely with businesses to ensure that their deliveries are made on time,” the company had stated in a release announcing the $20 million funding.
Founded in 2017 by Souvik Sengupta and Aaditya Sharda, the Mumbai-based startup aims to change construction and real estate companies procure materials such as cement, flyash, ready mix concrete, construction chemicals and more for their projects. They have regional offices in Noida, Gurugram, Delhi, Kochi, Bangalore, Hyderabad, Pune, and Nashik.
In 2019, the company launched Infra.Market Export initiatives in three countries.
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