Infra.Market, a tech-enabled marketplace for construction materials, purchased a majority stake in Equiphunt, a Hyderabad-based construction equipment rental service.
This is the first acquisition by the anew minted unicorn.
The acquisition size is $10 million. Existing investors in Equiphunt would exit, stated a person aware of the deal. Founder Shashank Dangayach would get stake in Infra.Market. The buyout would
support Infra.Market build and scale up its equipment rental business.
Manish Sharma, who heads the equipment vertical at Infra.Market, would join the board of Equiphunt as part of the attainment. Dangayach would continue to head operations.
Founded in 2016, Equiphunt has a presence in over 25 cities across India. It acts as a one-stop solution provider to all equipment and service requirements for its B2B customers. It relies on its in-house Internet of Things and telematics platform for enhanced utilisation of machinery and enhancing scalability in operations.
“Construction is one of the largest components in India’s economy and yet ironically one of the most unorganised sectors. In our experience in digitising the material procurement for construction companies, we realise the value chain in digitising equipment management for the construction sector,” stated Aaditya Sharda, co-founder of Infra.Market.
In February, Mumbai-based Infra.Market raised $100 million in a novel funding round led by New York-based investment firm Tiger Global at a valuation of $1 billion. Accel, Nexus Venture Partners, Evolvence India Fund and Sistema Asia Fund are some of its other investors.
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