Mumbai-based Infra.Market has raised $121 million (Rs 1,050 crore) in a pre-IPO round of funding from Tiger Global, Ashish Kacholia and Nikhil Kamath and others, at a post-money valuation of $2.8 billion, according to people familiar with the development.
The other investors betting on the building material and construction services provider include Sumeet Kanwar, Capri Global, Nuvama, Evolvence, Foundamental GmbH.
Tiger Global is a repeat investor for the company. The firm had also bet on the company when it joined the unicorn club in February 2021 raising a $100 million at a valuation of $1 billion.
Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, Jefferies, ICICI Securities, HSBC Securities, Motilal Oswal Financial Services, and Nuvama Wealth Management — mare managing the public listing of the company, they said.
Infra.Market offers in-house and third-party products supported by a pan-India manufacturing infrastructure and a multi-channel distribution network.
According to its FY24 financials, Infra.Market reported revenues of Rs 14,530 crore, with an EBIDTA of Rs 1,050 crore and a net profit of Rs 378 crore.
VCCircle had reported in February last year that the company was planning to raise capital by divesting a stake in subsidiary RDC Concrete, intending to take it public. It sold a 7% stake in RDC in May 2024 for $20 million.
This was after it had pared its stake in the subsidiary by 10% in December 2023 for $20 million.
Co-founder Souvik Sengupta had then told VCCircle that the listing of the parent entity was 12-18 months away, indicating a 2025 timeline.
This was on the heels of the company raising a fresh $50 million from Mars Growth Capital, a JV between Japan’s Mitsubishi UFJ Financial and Israel’s Fintech Liquidity Capital. The company planned to use the proceeds for its expansion in the Middle East and North Africa markets.
Started by Sengupta and Aaditya Sharda in 2016, Infra.Market runs multiple private-label brands across categories, including concrete, walling products, paint, electrical, and tiles. It focuses on high-volume construction products.