Marketplace for development supplies, Infra.Market has acquired a majority stake in tools options platform, Sociam Equipment Solutions Pvt. Ltd., for an undisclosed quantity.
Sociam Equipment, which owns the model Equiphunt, is a development tools rental and tools public sale platform which leverages its in-house internet-of-things (IoT) platform for improved utilisation of equipment and enhancing scalability in operations.
As part of the transaction, founding father of Equiphunt, Shashank Dangayach, will proceed to go Equiphunt. Further, Manish Sharma who was heading the tools vertical at InfraMarket will be a part of the board of Equiphunt and assist construct out Equiphunt.
“Construction is without doubt one of the largest elements in India’s financial system and but sarcastically one of the crucial unorganised sectors. In our expertise in digitising the fabric procurement for development corporations, we understand the worth chain in digitising tools administration for the development sector. Equiphunt group has efficiently constructed a pioneering development tools administration platform and we’re excited to companion with them to construct out India’s largest digitised tools options platform,” mentioned Aaditya Sharda, co-founder of Infra.Market.
At current, Equiphunt has expanded its presence in additional than 25 cities throughout India since inception and has greater than 4000 tools listed on its platform.
“We are extraordinarily enthusiastic about our future as part of InfraMarket. As part of the prevailing InfraMarket ecosystem, we’d be capable of construct stronger client connections and speed up our journey. Equipment administration is a ache level for in the present day’s development corporations and our journey to digitize and resolve the ache factors within the development tools worth chain will proceed,” mentioned Shashank Dangayach, founder & chief govt officer of Equiphunt.
Earlier in February, this yr, Infra.Market, joined the coveted unicorn membership after elevating $100 million (roughly ₹724 crore) in a Series C spherical led by present investor Tiger Global.
The startup took lower than 20 months to the touch the $1 billion valuation since elevating a seed spherical from Accel Partners in 2019.
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