Berlin/San Francisco/Singapore, February 25, 2021 – Foundamental, the largest global investor in construction technology, today announced that Infra.Market, a technology firm they invested in early on, has raised $100 million in its Series C funding, making it the first construction tech unicorn in South/Southeast Asia. The round, Foundamental participated in, was led by Tiger Global, with the other existing investors Accel Partners, Nexus Venture Partners, Evolvence India Fund, and Sistema Asia Fund also investing.
“Infra.Market has built not just the market-leader in the space of procurement for construction, but created an entirely new playbook for manufacturing & distribution of materials, a $200+ Billion market with significant tailwinds. In the process, they have also consistently delivered a rare, best-in-class combination of growth and profitability. We are incredibly proud to be a part of their story”, says Shubhankar Bhattacharya, General Partner at Foundamental and responsible for their Asia Pacific investments.
Infra.Market was founded by Souvik Sengupta and Aaditya Sharda in 2016. They offer a one-stop shop for construction materials and products, combining an asset-light procurement and distribution network with a curated supply chain of manufacturers.
“We are digitally transforming the highly inefficient construction materials supply chain in India by aggregating the capacity of small manufacturers and adding our cutting-edge technology and services stack. We are seeing rapid acceleration in demand as infrastructure and real-estate companies are looking to shift their procurement to get consistent quality and minimise delays”, explains co-founder Souvik Sengupta.
Infra.Market is only the 6th construction-specific unicorn so far and the first of its kind in South/Southeast Asia. “If anyone needed further proof here it is: construction tech is inflecting big time. Infra.Market is the fastest unicorn we have seen so far and a telling proof that new and tech-based business models succeed in construction. It also shows that construction tech is truly global and has left behind its US focus”, Bhattacharya adds.
Foundamental is the largest global investor in construction technology. We recognize global opportunities across markets, from Asia-Pacific over to Europe to North America, and partner with exceptional founders from the earliest stages throughout their venture life cycle. Follow us on LinkedIn and Twitter, or on www.foundamental.com.
Infra.Market is an India-based technology company trying to change the way construction and real estate companies procure material for their projects. We are ushering in the next normal in construction: Reshaping the world’s largest ecosystem through technology – every process and every product. We are 300+ strong and headquartered in Mumbai. With centers across India, we have regional offices in Noida, Gurugram, Delhi, Kochi, Bangalore, Hyderabad, Pune, and Nashik. www.infra.market