Tiger Global has agreed to invest an additional $125 million in Infra.Market in a deal that values the Indian technology startup at about $2.5 billion, 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 earlier this year, the person said.
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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.
Founded in 2017, Infra.Market helps construction and real estate companies procure materials including ready-mix concrete and fly ash for their projects, according to its website. Tiger Global participated in a $20 million Series A funding round in 2019 along with other investors. Infra.Market also has offices at locations including Noida, Gurugram and Delhi.
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