Infra.Market, One of the tech-enabled marketplaces, Infra.Market, for construction materials, purchased a majority stake in Equiphunt, a Hyderabad-based construction equipment rental service. This is the first acquisition by the newly minted unicorn.

The acquisition size is $10 million. Existing investors in Equiphunt will exit. Founder Shashank Dangayach will get a stake in Infra.Market. The takeover will help Infra.Market build and scale up its equipment rental business.

Manish Sharma, who heads the tackle perpendicular at Infra.Market, will join the board of Equiphunt as part of the attainment. Dangayach will continue to head operations.

Founded in 2016, Equipment has a presence in over 25 cities across India. It acts as a one-stop solution provider to all equipment and service requirements for its B2B customers. It relies on its in-house Internet of Things and telematics platform for improved utilization of machinery and enhancing scalability in operations.

Aaditya Sharda, co-founder of Infra.Market, states, “Construction is one of the largest components in India’s economy and yet ironically one of the most unorganized sectors. In our experience in digitizing the material procurement for construction companies, we realize the value chain in digitizing equipment management for the construction sector.”

In February, Mumbai-based Infra.Market raised $100 million in a new funding round led by New York-based investment firm Tiger Global at a valuation of $1 billion. Accel, Nexus Venture Partners, Evolvence India Fund, and Sistema Asia Fund are some of its other investors.