Infra.Market, a construction materials solutions firm, has raised Rs 1,050 crore (roughly $120 million) in fresh funding at a valuation of about Rs 24,147 crore (nearly $2.8 billion) valuation, as it prepares to list on the stock exchanges later this year, people in the know told Moneycontrol.
In September last year, Moneycontrol exclusively reported that the company's existing backers such as Tiger Global, Foundamental and Evolvence were in talks to put in more money and increase their stake in the firm.
The pre-IPO round also saw participation from investors like Ashish Kacholia, Nikhil Kamath, Abhijit Pai, Sumeet Kanwar, Nuvama, Capri Global and others.
Moneycontrol was also the first to write about Infra.Market appointing bankers such as Kotak Mahindra Capital, Goldman Sachs and Jefferies for its initial public offering (IPO) through which it is looking to raise more than $500 million.
Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market offers ready-mix-concrete (RMC), aggregates, construction chemicals, steel, AAC (autoclaved aerated concrete) blocks, equipment solutions, pipes and fittings, MDF, plywood and laminates. Its private label categories include electrical products, tiles, sanitaryware, bath fittings, modular kitchens and wardrobes, and designer hardware.
It currently operates over 260 manufacturing units, with more than 200 dedicated to concrete production, with a capacity exceeding 20 million cubic meters annually. Additionally, Infra.Market has more than 16 factories in Morbi, specializing in tiles, with a capacity of over 60 million square meters annually. It also operates seven facilities for Walling Blocks with a capacity of 2.4 million cubic meters.
The company has grown in size too. According to Infra.Market’s FY24 financials, 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.
Infra.Market has joined a growing list of Indian startups which have closed $100 million rounds in the past year, signalling a resurgence in funding. As reported by Moneycontrol, companies such as Meesho, Mintifi, Eruditus and Rebel Foods have raised over $100 million each in fresh funding rounds. Some like Zepto bagged over $1.3 billion across multiple rounds as investors continue to deploy capital and back Indian startups.
As such, funding among Indian startups increased 14 percent year-on-year to $10.94 billion in 2024, data from market intelligence firm Venture intelligence shows.
The recovery has largely been spurred by a buoyant public market, as initial public offering (IPO)-bound firms, like Infra.Market, raised these large funding rounds. The year 2024 saw 13 startups, including Swiggy, Mobikwik, and Ola Electric, go public, which together raised over Rs 29,000 crore ($3.4 billion). There five such listings in 2023 and just two in 2022.
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