Infra.market, an online platform for construction and real estate, joins the unicorn club in the country with the latest $100 million funding that was led by Tiger Global, raising its value to $1 billion.

The Thane-based online marketplace was established by Souvik Sengupta and Aaditya Sharda in 2016 and has attained the coveted unicorn status within just 20 months of raising its seed round from Accel Partners in June 2019, according to the company’s report.

In a statement, the company says, "The series-C round of $100 million led by Tiger Global will enable us to enhance technological offerings, seed newer markets and advance our private label brands which contribute more than two-thirds of our sales, and expand our direct to retail channels and exports."

Although, the year 2020 had about 12 unicorns being develop in the country and the latest Nasscom report reveals that the number soaring to 50 this year. However, Infra.market is the first startup to enter the unicorn club this year.

The latest funding round values the marketplace at $1 billion, reveals the company. Its existing investors, who took part in this round, include Nexus Venture Partners, Accel Partners, Sistema Asia Fund Evolvence India Fund, and Foundamental Gmbh.

As a procurement marketplace it leverages technology to provide an enhanced procurement experience for all players in the construction ecosystem that is worth $140 billion.

Its gross merchandise value stood at $400 million in 2020 and the company is aiming to scale past $1 billion by the end of this year, Souvik states.

It caters to both institutional customers and retail outlets in the construction materials sector and supplies across 10 states and exports to Singapore, Dubai, and Bangladesh, among others.

Infra.market's own private labels contribute more than two-thirds of its sales, of which 10 percent are exports. Avendus Capital was the exclusive financial advisor for the transaction.