Marketplace for construction materials, Infra.Market has acquired a majority stake in equipment solutions platform, Sociam Equipment Solutions Pvt. Ltd., for an undisclosed amount.
Sociam Equipment, which owns the brand Equiphunt, is a construction equipment rental and equipment auction platform which leverages its in-house internet-of-things (IoT) platform for improved utilisation of machinery and enhancing scalability in operations.
As a part of the transaction, founder of Equiphunt, Shashank Dangayach, will continue to head Equiphunt. Further, Manish Sharma who was heading the equipment vertical at InfraMarket will join the board of Equiphunt and help build out Equiphunt.
“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 realize the value chain in digitising equipment management for the construction sector. Equiphunt team has successfully built a pioneering construction equipment management platform and we are excited to partner with them to build out India’s largest digitised equipment solutions platform,” said Aaditya Sharda, co-founder of Infra.Market.
At present, Equiphunt has expanded its presence in more than 25 cities across India since inception and has more than 4000 equipment listed on its platform.
“We are extremely excited about our future as a part of InfraMarket. As a part of the existing InfraMarket ecosystem, we would be able to build stronger consumer connections and accelerate our journey. Equipment management is a pain point for today’s construction companies and our journey to digitize and solve the pain points in the construction equipment value chain will continue,” said Shashank Dangayach, founder & chief executive officer of Equiphunt.
Earlier in February, this year, Infra.Market, joined the coveted unicorn club after raising $100 million (approximately ₹724 crore) in a Series C round led by existing investor Tiger Global.
The startup took less than 20 months to touch the $1 billion valuation since raising a seed round from Accel Partners in 2019.
