India Digest: Infra.Market raises $50m; Chaayos bags $45m Series C round

A Reliance Industries Ltd. construction site stands at the Bandra Kurla Complex in Mumbai, India, on Sunday, Jan. 28, 2018. Photographer: Dhiraj Singh/Bloomberg

Business-to-business (B2B) construction material startup Infra.Market has raised $50 million in growth capital. Separately, tea café chain Chaayos has raised about $45 million in a funding round led by Alpha Wave Ventures.

Infra.Market raises $50m

Business-to-business (B2B) construction material startup Infra.Market has raised $50 million in growth capital from Liquidity Group’s Mars Unicorn Fund, it announced on Monday.

While the company did not disclose its valuation in the current round, it was valued at $2.5 billion after raising $125 million in a round led by Tiger Global in August last year.

“We’ve slated the financing to assist with growth, marketability, and user experience, as well as to acquire young manufacturing brands to increase our partner and client base,” said Infra.Market co-founder Souvik Sengupta.

Infra.Market claims to supply proprietary construction materials to 750 projects across four countries by providing end-to-end visibility between nearly 600 producers and clients.

The company has centres across India, including regional offices in Noida, Gurugram, Delhi, Kochi, Bangalore, Hyderabad, Pune and Nashik. Its services support the National Infrastructure Pipeline programme, which has lined up projects worth a whopping $2 trillion on completion.

Alpha Wave leads $45m funding in Chaayos

Tiger Global-backed tea café chain Chaayos has raised about $45 million (Rs 350 crore) in its Series C funding round led by Alpha Wave Ventures.

According to a report in Entrackr, the financing also saw participation of existing backers Elevation Capital, Tiger Global and Think Investments.

Operated by Sunshine Teahouse Pvt Ltd, Chaayos had last raised $21.5 million in its Series B round led by San Francisco-based investment firm Think Investments in February 2020. Prior to that, it had raised $12 million from SAIF Partners, Integrated Capital and Singapore-based growth-stage investment firm Pactolus in 2018.

Founded by Nitin Saluja and Raghav Verma, Chaayos currently has around 185 outlets across Delhi-NCR, Mumbai and Bengaluru.

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