New unicorns in India have been cropping up more quickly than ever. There are new startups crossing the billion-dollar-valuation mark at typical intervals now. The most current one to add to the tally of unicorn organizations in India is the on the internet procurement marketplace for building material Infra.Market. The startup has managed to attain the milestone in just about 4 years considering the fact that launch. Infra.Market, on Thursday, announced $one hundred million funding in its Series C round led by Tiger Global that valued the corporation at $1 billion. Its current investors like the international investor in building and mining technologies Foundamental, Accel Partners, Nexus Venture Partners, Evolvence India Fund, and Sistema Asia Fund also participated in the round.
The startup had final raised about $6.9 million in venture debt from InnoVen Capital in January this year and $20 million in December final year from current investors. The new round has taken its total equity fundraising to about $150 million. According to Infra.Market, the new capital will be deployed to increase its “technological offerings, seed newer markets and advance their initiatives such as private label brands, direct to retail channel and exports.”
“We are seeing rapid acceleration in demand as Infrastructure and real-estate companies are looking to shift their procurement to get consistent quality and minimize delays,” mentioned Souvik Sengupta, founder and CEO of Infra.Market. Launched by Sengupta and Aaditya Sharda, according to the startup’s portal, it had reached annual recurring income of $one hundred million in 2020 and had on-boarded more than 300 manufactures and more than one hundred prospects along with more than 70 logistics partners. According to the corporation, it also exports supplies to foreign markets such as Dubai, Singapore, and Bangladesh.
Also study: Healthtech startup Innovaccer is India’s most current unicorn with investment from Tiger Global, Steadview others
The constructing building market place in India is probably to witness a CAGR of 15 per cent through the 2020-2024 period to turn out to be worth Rs 29,78,220 crore, according to a September 2020 report by ResearchAndMarkets. The residential building market in worth terms improved 11.1 per cent through 2015-2019 though the industrial constructing building market place grew 16.1 per cent through the forecast period.
From a single unicorn per year through the 2010-12 period, the annual quantity of startups turning unicorn in India grew to two through 2013-15 followed by 3 in 2016, eight in 2018, 10 in 2019, and 12 in 2020. 2021 has currently witnessed new unicorns – Digit Insurance, Innovaccer, and Infra.Market coming up in significantly less than two months.