Maquina Mercantile Pvt Ltd, which runs an online marketplace for construction equipment, said on Wednesday it has raised funding from promoters of SPML Infra Ltd.
The company, which offers buying, selling and renting of construction equipment, didn't disclose the amount raised in a press release.
Rishab Sethi, executive director at SPML Infra, said that Maquina gives the lessors and lessees full control of the usage of equipment and allows project managers to use key resources for timely execution of projects.
With its remote equipment management system, Maquina offers customers a range of value-added services including equipment tracking, fuel management, repair and overhaul services, and technical manpower services.
Maquina was founded earlier this year by SK Vasishat, Amit Nagpal, Kamal Jeet Singh and Adityajay Khajuria. It is a sister company of Ajashy Engineering Sales Pvt Ltd, a cross-country pipeline equipment maker.
SPML is a listed infrastructure development company. Established three decades ago, SPML has implemented more than 600 projects in water supply and management, waste water treatment and reuse, sewer-line rehabilitation and power development, transmission and distribution in India.
The firm is backed by Cite Venture Capital International, which invested $32.78 million for a 15 per cent stake in 2007.