By Manish Singh
A startup that is improving the way construction and real estate companies in India procure materials and handle logistics for their projects has received the backing of three new investors.
Mumbai-headquartered Infra.Market said on Thursday it has raised $20 million in a Series B financing round. The round was led by Evolvence India Fund, Sistema Asia Fund, and Foundamental Gmbh, while existing investors Accel, Tiger Global, and Nexus also participated in it. The four-year-old startup has raised about $50 million to date.
Infra.Market helps small businesses such as manufacturers of paints and cements improve the quality of their production and meet various compliances. The startup adds its load cells to the manufacturing facilities of these small businesses to ensure there is no lapse in quality, and also helps them work with other businesses that can provide them with better raw material and provide guidance on pricing. It also works closely with businesses to ensure that their deliveries are made on time.
These improvements, explained co-founder Souvik Sengupta, help small manufacturers land larger clients that have higher expectations from the businesses with which they engage.
“We are bringing a service layer to these small manufacturers, enabling them to grow …read more
Source: Tech Crunch