New Delhi, April 19th, 2024: IndoSup, India’s digital B2B procurement platform for small and medium construction businesses, announced a strategic funding round led by CCI Group promotors. While CCI Group promoters has a majority stake in the company, the investors hold more than a 26% stake post-dilution. Other investors include the group CFO of Yatra.com, Rohan Mittal. This investment will fuel the company’s expansion across new geographic markets, onboard top brands onto its platform, and drive innovative solutions like white-labeled products and credit lending tools for customers.
With this fundraise, IndoSup will create a mark in the territory of infra. market, Moglix, Zetwerk & Of Business, and aims to disrupt the dollar 150 billion construction market.
In addition to geographic expansion into cities like Kolkata, Mumbai, and Chennai, IndoSup plans to introduce white-labeled products across 5-6 SKUs by February 2025. The company is also developing credit lending solutions in collaboration with major financial institutions to better support its customers’ working capital needs.
Ashmit Sharma, Founder at IndoSup, said, “We are excited to partner with the promotors of CCI Group and an industry veteran like Rohan Mittal as we enter our next growth phase. Their strategic guidance and capital will be invaluable as we scale our operations, enhance our technology platform, and introduce new solutions to better serve the construction ecosystem.”
Naresh Sharma, Promotor of CCI Group, said, “IndoSup’s innovative model is disrupting a massive yet traditionally fragmented industry. We are impressed with the team’s vision, execution capabilities, and the immense market opportunity. IndoSup is well-positioned to capitalize on the digital transformation happening in the construction supply chain.”
IndoSup is revolutionizing procurement for construction contractors, builders, and tradespeople by providing a seamless digital experience with access to a wide range of construction materials, equipment, and services from trusted vendors and brands.
Rohan Mittal, Group CFO, of Yatra.com, said, “IndoSup is bringing seamlessness to construction businesses across India. We look forward to supporting their thriving growth as the company expands into new markets and introduces problem-solving offerings tailored to this industry’s unique needs.”
The construction sector in India is projected to account for 13% of the country’s GDP by 2025. IndoSup’s unique value proposition of a tech-enabled, streamlined procurement process opens up significant growth opportunities in this rapidly evolving market.
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