Infra.Market raises Rs 730 crore at Rs 24,600 crore valuation led by Nikhil Kamath; plans to file DRHP this month

Infra Market raises a new round

Accel-backed Infra.Market, a construction materials solutions firm, has raised Rs 730 crore ($84-85 million) in fresh funding. The round was led by Zerodha founder Nikhil Kamath’s Nksquared family office, contributing Rs 200 crore, with Rs 250 crore from founders Souvik Sengupta and Aaditya Sharda, and Rs 280 crore from existing investors, valuing the company at Rs 24,600 crore ($2.8 billion), according to sources.

Infra.Market’s final round before IPO

Moneycontrol understands that this is likely the final private funding round, as Infra.Market plans to file its draft red herring prospectus (DRHP) with the market regulator within weeks, with an IPO expected later this year. The latest round marks the company’s Series G funding. Existing investors participating include Accel, Tiger Global, Nexus, and Evolvence.

Why the series G round now?

Beyond bolstering liquidity ahead of the IPO, the round is intended to increase the founders’ stake in the company to nearly 30%, officially classifying them as promoters. Both founders raised promoter financing to inject capital into this round, according to sources. The company did not respond to Moneycontrol’s requests for comment at the time of publishing.

Infra.Market FY25 financials

The company is reported to have closed FY25 with revenues of Rs 18,000 crore and EBITDA of Rs 1,500 crore, with profit after tax coming in at Rs 300 crore.

According to RoC filings, the company’s revenue increased 23 percent year-on-year (YoY) to Rs 14,530 Crores, while its profit after tax (PAT) increased 2.5-fold to Rs 378 crore.

Past funding rounds

The latest funding follows Infra.Market’s $150 million debt raise in June from MARS Growth Capital, a joint venture between MUFG Bank and Liquidity Group, as the company gears up for its public listing.

This was the second round of funding for IPO-bound Infra.Market, which also raised $120 million earlier this year from existing investors such as Tiger Global, Foundamental and Evolvence, among others.

The $120 million round also saw participation from investors like Ashish Kacholia, Nikhil Kamath, Abhijit Pai, Sumeet Kanwar, Nuvama, Capri Global and others.

What do they do? 

Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market operates across the construction value chain, supplying over 15 categories of building materials, including concrete, steel, walling solutions, tiles, paints, and electricals.

The company has a network of over 250 manufacturing units and 10,000 retail touchpoints across India.

Infra.Market serves both institutional clients (B2B) and retail outlets (B2R), and currently claims to be the second-largest player in India by revenue in the ready-mix concrete (RMC) segment, and the second-largest by capacity in both AAC blocks and flooring tiles.