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The Plunge Daily raises USD 50 million from Liquidity Group’s arm raises USD 50 million from Liquidity Group's arm

Funding News raises USD 50 million from Liquidity Group’s arm

Construction materials marketplace on Monday said it has raised USD 50 million (about Rs 390 crore) in funding from Liquidity Group’s Mars Unicorn Fund to fuel its growth ambitions.

The latest fundraise by, which was valued at USD 2.5 billion at its last fundraise in August 2021, comes after reports of non-disclosure of over Rs 200 crore in income and investigations by the Income Tax authorities earlier this year. Founded in 2016, the company will be using the new funds to enhance its technological offerings and advance initiatives in the new global markets, as per an official statement.

Also read: Sequoia raises $2.85 bn to fund Indian startups, others

The construction market is a USD 140 billion opportunity, the company said, adding that it will also benefit from the USD 2 trillion national infrastructure pipeline announced by the government. Its annual revenue is over USD 1 billion and is expected to more than double by the end of this year, the statement said, adding that after the new funding, it sees exports contributing USD 750 million in revenues by the end of the year.

Its founder Souvik Sengupta said the company wishes to be the country’s largest multi-product construction materials brand and transform the construction materials supply chain globally. “We are also embarking on new business verticals outside the construction ecosystem such as chemicals to enable us to provide end-to-end solutions to our customers across the multiple industries,” he added.

Ron Daniel, the co-founder and chief executive of Liquidity Group, which is backed by financial giants like Apollo and Japan’s MUFG, said its evaluation revealed that the company is delivering on its promise to remake construction and infrastructure projects across India and beyond.

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