InnoVen Capital invests $6.8m in Indian B2B construction marketplace

Venture debt firm InnoVen Capital announced that it has recently invested 50 crore rupee (US$6.8 million) in Infra Market, an online procurement marketplace based in India.

Ashish Sharma, CEO of InnoVen Capital / Photo credit: InnoVen Capital

Founded in 2016, Infra Market helps construction and real estate companies procure materials through its platform. The business-to-business startup focuses on selling high-volume construction products under its own brands and aims to solve existing issues such as the lack of price transparency, unreliable material quality, a fragmented vendor base, and inefficient logistics.

The fresh investment comes after the company secured US$20 million in a round led by Evolvence India Fund, Foundamental, and Sistema Asia Fund. Existing backers Accel, Tiger Global, and Nexus also participated. Infra Market has raised a total of US$50 million so far.

“We are firm believers that focused B2B platforms with deep domain knowledge and a tech-first approach have great opportunity to organize large categories efficiently,” said Ashish Sharma, CEO of InnoVen Capital.

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The India-based firm offers multiple debt capital solutions, including venture debt, acquisition finance, growth loans, and syndication. To date, InnoVennnnnnn Capital has completed over 250 transactions with over 180 startups, including education tech platform Byju’s, food delivery app Swiggy, and news aggregator Dailyhunt.

Recently, payments platform BharatPe raised 600 million rupees (US$8.2 million) in funding from InnoVen Capital.