Infra Market acquires stake in Sociam Equipment

Marketplace for construction materials, Infra.Market, has acquired a majority stake in equipment solutions platform, Sociam Equipment Solutions. Sociam Equipment owns the brand Equiphunt, and is a construction equipment rental and equipment auction platform leveraging its in-house internet-of-things (IoT) platform for improved utilization of machinery and enhancing scalability in operations. As a part of the transaction, founder of Equiphunt, Shashank Dangayach, will continue to head it. Further, Manish Sharma who was heading the equipment vertical at InfraMarket will join the board of Equiphunt and help build it. Aaditya Sharda, co-founder of Infra.Market informed that construction is one of the largest components in India's economy and yet ironically one of the most unorganized sectors. As it commands expertise in digitizing the material procurement for construction companies, it realizes the value chain in digitizing equipment management for the construction sector. Equiphunt team has successfully built a pioneering construction equipment management platform and is excited to partner with them to build India's largest digitized equipment solutions platform. Currently, Equiphunt has expanded its presence in more than 25 cities across India since its inception and has more than 4,000 equipment listed on its platform.

Founder & CEO, Equiphunt, Shashank Dangayach informed that they are excited about its future as a part of InfraMarket and also as a part of the existing InfraMarket ecosystem, it would be able to build stronger consumer connections and accelerate its journey. Currently, equipment management is a pain point for construction companies and its journey to digitize and solve the pain points in the construction equipment value chain will continue.