Infra.Market, a marketplace for construction materials, has raised Rs 100 crore ($13.4 million) in venture debt funding from Alteria Capital.
The investment comes after Infra.Market hit unicorn status in February this year by raising $100 million in a Series C round led by existing investor Tiger Global with participation from Accel, Nexus Venture Partners and Evolvence India Fund.
“We are excited to have Alteria on board. We have been pleased with the speed and thoroughness they have shown in understanding our business over time,” Souvik Sengupta, founder of Infra.Market, said.
Alteria, India’s largest venture debt provider, has a corpus of Rs 2,300 crore across two funds. It recently raised commitments of Rs 1,325 crore from domestic investors for its second venture debt fund.
Alteria has backed companies like Rebel Foods, BharatPe, Dealshare, Spinny, Lendingkart, Zestmoney, Dunzo, and Portea.
“Infra.Market is a clear category leader which is organising the building materials and allied commerce segment in India. We have known the company for a while and they have performed very well on growth coupled with strong profitability across the board," Punit Shah, partner at Alteria Capital, said.
Operated by Hella Infra Market Ltd, Infra.Market was founded in 2016 by Aaditya Sharda and Souvik Sengupta as a procurement marketplace that leverages technology to provide an enhanced procurement experience for all players in the construction ecosystem.
The company provides products such as ready-mix concrete, fly ash and construction chemicals.
The firm caters to both institutional customers (B2B) and retail outlets (D2R) in the construction materials sector. It supplies across 10 states in India and exports to markets such as Dubai, Singapore, Bangladesh, among others.
In December 2020, Tiger Global had participated in the round when Infra.Market raised $20 million (about Rs 144 crore) as part of its Series B fundraising from three new investors, Evolvence India Fund, Sistema Asia Fund and Foundamental.
In December 2019, Infra.Market had raised $20 million (about Rs 144 crore) in its Series A funding round led by Tiger Global.
Other investors that participated in the round include Nexus Venture Partners. Existing investor Accel also contributed to the round.
Before that, Infra.Market had raised $3.5 million (about Rs 25 crore) in a seed funding round from Accel in August 2019.