InnoVen Capital, the Mumbai-headquartered venture debt and speciality lending firm, on Tuesday said it has invested Rs 50 crore in Mumbai-based B2B platform Infra.Market.
“We continue to stay focused on delivering more value for our clients, and this year, the priority will be to enhance our product portfolio, service offerings, and expand to new regions. With our recent equity funding, as well as the debt raise, the company is well capitalised to execute the growth agenda,” said Souvik Sengupta, Co-founder, Infra.Market.
Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market is an online procurement marketplace that leverages technology to provide an enhanced procurement experience for all players in the construction ecosystem.
The B2B platform focusses on high-volume construction products under its own brands and aims to solve existing issues such as the lack of price transparency, unreliable quality, a fragmented vendor base, and inefficient logistics.
In December 2020, it secured a Series B funding of $20 million from Evolvence India Fund, Sistema Asia Fund, and Foundamental. Existing investors, including Accel, Tiger Global, and Nexus Venture Partners also participated in the round.
Infra.Market claims to work across 10 states in India and is looking to expand further into Tier-II cities within these states. It caters to both institutional customers (B2B) and retail outlets (D2R) in the construction material sector.
According to the company, almost 10 percent of its revenues are generated from its international operations. At present, it exports to countries like Dubai, Singapore, Malaysia, etc. Infra.Market has been net profitable since its inception four years ago.
“Infra.Market is one of our high-performing portfolio companies, which has managed a good balance between growth and profitability. We are firm believers that focused B2B platforms with deep domain knowledge and a tech-first approach have great opportunity to organise large categories efficiently,” said Ashish Sharma, CEO, Innoven Capital India.
Started in 2008, InnoVen Capital India offers multiple debt capital solutions, including venture debt, acquisition finance, growth loans, and syndication. To date, the platform has completed over 250 transactions with more than 180 startups, including BYJU's, Swiggy, OYO Rooms, Curefit, Eruditus, Dailyhunt, FirstCry, PharmEasy, Pepperfry, boAT, Licious, Myntra, Blackbuck, Rebel Foods, and more.
Edited by Suman Singh
Link : https://yourstory.com/2021/01/funding-alert-b2b-platform-inframarket-innoven-capital
Author :- Sujata Sangwan ( )
January 13, 2021 at 12:37PM
YourStory