Biography of Souvik Sengupta: Founder and CEO of Infra.Market- Entrepreneur
Biography of Souvik Sengupta:
From Corporate Success to Startup Vision
Souvik Sengupta is a notable entrepreneur and the founder of
Infra.Market, a groundbreaking platform in the real estate and construction
materials sector. With a background in chartered accountancy and over seven
years of experience in managing profit and loss statements, Souvik’s expertise
in financial management laid a strong foundation for his entrepreneurial
journey. He completed his education with a degree from Sydenham College in
Mumbai and later pursued an MBA from IIM Bangalore, equipping him with a robust
business acumen.
Educational Background and Early Foundations
Souvik Sengupta's educational journey began at St. James'
School in Kolkata, where he completed his ICSE. He continued his studies at
Sydenham College of Commerce and Economics, setting a solid foundation for his
future ventures. Souvik furthered his education at esteemed institutions,
including the Indian Institute of Management Bangalore. He also earned
credentials from the Institute of Chartered Accountants of India and the
Institute of Company Secretaries of India, equipping himself with a diverse
skill set in business and finance.
The Birth of Infra.Market
In July 2016, Souvik founded Infra.Market, a company based
in Mumbai that has become a key player in the construction materials industry.
Infra.Market is known for revolutionizing the way construction materials are
sourced and managed, leveraging technology to streamline processes and improve
efficiency.
Infra.Market was conceived out of Souvik’s ambition to
transform the construction material procurement landscape. The platform focuses
on facilitating B2B transactions for construction materials, primarily
aggregates and concrete. Souvik, along with his co-founder Aaditya Sharda,
invested significant effort into establishing Infra.Market as a formidable
player in this sector. Their hard work paid off, as evidenced by the impressive
financial growth of the company.
Financial Milestones and Early Success
Infra.Market's financial journey was nothing short of
remarkable. In its first fiscal year (FY17), the company recorded a revenue of
₹12.54 crore. By the following year, revenue had more than doubled to ₹28.5
crore, and by FY19, it reached ₹63.21 crore. What’s more impressive is that
Infra.Market achieved profitability from its very first year, reporting profits
of ₹28 lakh, ₹53 lakh, and ₹1.74 crore over three years.
Biography of Souvik Sengupta: Founder and CEO of Infra.Market- Entrepreneur /Real Estate/Success story of Souvik Sengupta/Unicorn Infra.Market company
Navigating the Venture Capital Landscape
Despite the strong financial performance, securing venture
capital was a daunting task. The market for construction material startups was
challenging, with many similar ventures closing down by 2018. The reluctance of
investors to back ‘brick and mortar’ businesses added to the difficulty.
However, Souvik and Aaditya remained undeterred, confident in their business
model and its potential.
The Challenge of Visibility
One of the major hurdles Infra.Market faced was gaining
visibility among venture capitalists. The unique B2B model for construction
materials was novel, and many investors struggled to see its potential. With no
direct precedents to evaluate, analysts found it challenging to assess the
viability of Infra.Market’s business model. Despite this, Souvik and Aaditya
persisted, believing in the value of their innovative approach.
The Turning Point with Kanishk Tyagi
The breakthrough came in 2019 when Kanishk Tyagi, an analyst
with Accel and now with Falcon Edge Capital, took a keen interest in Infra.Market.
As an entrepreneur-turned-VC, Kanishk recognized the potential in Infra.Market
and championed their cause. He presented a compelling case to Prashanth
Prakash, founding partner at Accel, who was persuaded by the startup’s
promising prospects.
Negotiating the Deal
After a rigorous two-hour investment committee session at
Accel’s office, Souvik and Aaditya were given the opportunity to negotiate the
terms. When presented with the offer, Souvik attempted to negotiate a better
deal but ended up accepting a proposal that involved a 22.5% equity dilution,
instead of the initially proposed 25%. This negotiation saved them 2.5% of
equity and marked a pivotal moment for Infra.Market.
The Impact of a Successful Deal
In June 2019, Infra.Market secured $3.5 million in funding
at a valuation of $15 million. This initial investment set the stage for
significant growth. By 2021, the company’s valuation had skyrocketed to $2.5
billion, demonstrating the tremendous value of the equity they retained. The
2.5% they saved in 2019 proved to be a substantial advantage as the company’s
valuation soared.
A Missed Opportunity for Nexus Venture Partners
Before Accel’s investment, Infra.Market had been in
discussions with Nexus Venture Partners. Nexus initially declined to invest but
later entered the scene in December 2019 at a much higher valuation of $60
million. What could have been a more modest investment opportunity at $18
million turned into a much more costly one for Nexus, illustrating the missed
chance due to their initial hesitation.
Expanding Ventures and Innovations
Souvik's entrepreneurial spirit led him to launch several
other ventures. In January 2024, he founded IVAS Homes, focusing on innovative
solutions in the housing sector. Additionally, he started Equiphunt in May
2021, which specializes in the procurement and management of heavy equipment.
His commitment to industrial innovation is also reflected in Chemical.Market,
which he established in April 2021 to serve the chemical industry with advanced
solutions.
Board Memberships and Strategic Roles
Beyond his founding roles, Souvik holds several influential
board positions. He has been a board member at RDC Concrete (India) Pvt Ltd
since December 2021, at Shalimar Paints since February 2022, and at Ultrafine
Mineral & Admixtures Private Limited, also since December 2021. These roles
reflect his extensive expertise in the industrial sector and his strategic influence
across various companies.
New Initiatives and Future Directions
Souvik's recent endeavors include joining the board of Emcer
Tiles Pvt Ltd and CEF Group in April 2024, and launching INICIO, his latest
venture aimed at integrating innovative solutions across industries. These
roles and ventures highlight his ongoing commitment to driving growth and
innovation in multiple sectors.
The Rise of Infra.Market
Today, Infra.Market stands as a significant player in the
B2B e-commerce space for construction materials. The startup’s innovative
approach and successful fundraising rounds have propelled it to unicorn status,
valued at over a billion dollars just 20 months after its first funding round.
The success of Infra.Market highlights the impact of perseverance and strategic
vision in turning a startup into a major industry player.
Souvik Sengupta’s Legacy
Souvik Sengupta’s journey from a corporate finance professional
to a successful entrepreneur underscores the power of ambition and innovation.
His leadership at Infra.Market has not only transformed the construction
materials industry but also demonstrated the potential for new business models
in traditional sectors. Souvik and Aaditya’s story is a testament to the
rewards of dedication and the impact of forward-thinking in the entrepreneurial
world.
Timeline for story of Souvik Sengupta:
Early Life: Souvik Sengupta completes education at St.
James' School (ICSE) and Sydenham College, Mumbai.
2000s: Souvik earns credentials from the Institute of
Chartered Accountants of India and the Institute of Company Secretaries of India.
2008: Completes MBA at IIM Bangalore.
2016 (July): Souvik founds Infra.Market in Mumbai.
2017 (FY): Infra.Market records revenue of ₹12.54 crore.
2018 (FY): Revenue grows to ₹28.5 crore.
2019 (FY): Revenue reaches ₹63.21 crore; secures $3.5
million in funding from Accel at a $15 million valuation.
2019 (December): Nexus Venture Partners invests at a $60
million valuation.
2021: Infra.Market’s valuation skyrockets to $2.5 billion.
2021 (May): Souvik launches Equiphunt.
2021 (April): Souvik establishes Chemical.Market.
2024 (January): Souvik founds IVAS Homes.
2024 (April): Joins boards of Emcer Tiles Pvt Ltd and CEF
Group; launches INICIO.
2024: Infra.Market achieves unicorn status, valued over $1 billion.
