According to a source familiar with the subject, Tiger Global has agreed to invest an additional $125 million in Infra.Market, valuing the Indian technology firm at over $2.5 billion.

The Mumbai-based firm intends to utilize the new funds to expand in the home market, according to the source, who asked not to be identified since the information is confidential. According to the individual, the business was last valued at around $1 billion in a capital round earlier this year.

While an announcement could come as soon as Monday, discussions could still be delayed or fall apart, the person said. A representative for Infra.Market declined to comment, while a representative for Tiger Global didn’t immediately respond to an emailed request for comment outside of U.S. business hours.

Founded in 2017, Infra.Market helps construction and real estate companies procure materials including ready-mix concrete and fly ash for their projects, according to its website. Tiger Global participated in a $20 million series a funding round in 2019 along with other investors. Infra.Market also has offices at locations including Noida, Gurugram and Delhi.