Tiger Global has agreed to invest an additional $125m in Infra.Market in a deal that values the Indian technology startup at about $2.5bn, according to a person familiar with the matter.
The Mumbai-based company plans to use the fresh capital for expansion in the domestic market, said the person who asked not to be identified as the information is private. The startup was last valued at about $1 billion in a funding round in October 2020, the person said.
While an announcement could come as soon as Monday, discussions could still be delayed or fall apart, the person said. A representative for Infra.Market declined to comment, while a representative for Tiger Global didn’t immediately respond to an emailed request for comment outside of U.S. business hours.
Subscribe to our Newsletter to increase your edge. Don’t worry about the news anymore, through our newsletter you’ll receive weekly access to what is happening. Join 120,000 other PE professionals today.
Founded in 2017, Infra.Market helps construction and real estate companies procure materials including ready-mix concrete and flyash for their projects, according to its website. Tiger Global participated in a $20 million series A funding round in 2019 along with other investors.
Source: Bloomberg BNN
Can’t stop reading? Read more
Top private equity news of the week
Top private equity news of the week Apollo Global Management is in advanced discussions to acquire...
Fund Friday: Top fundraising news in private equity
Fund Friday: Top fundraising news in private equity Neuberger Berman has held the final close of...
Apollo wins $1bn mandate to manage Singapore’s new private credit growth fund
Apollo wins $1bn mandate to manage Singapore’s new private credit growth fund Apollo Global...