Infra.market is in talks to raise $125 million led by Tiger Global Management at a valuation of $2.6 billion, continuing the New York-based firm’s aggressive deal-making streak in Indian startups, sources said. The round will more than double the valuation of Infra.Market from just three months back when it was valued at a billion dollars, said the sources.

They were founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market is a business-to-business (B2B) e-commerce firm running a brand of construction material, concrete, and chemicals used in infrastructure projects. It ties up with contract manufacturers, gets them to use idle capacity, and manufacture products under its brand, which they sell to large infrastructure companies and retail outlets.

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Infra.Market currently has an annual revenue run rate of $700 million compared to Rs 200 crore monthly revenue in March, when it last raised $100 million led by Tiger and became a unicorn. At the same time, Tiger’s investment is expected to close in the coming weeks, Infra.Market has also separately held conversations with private equity giant TPG for an investment at a similar valuation.