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 pre-IPO round also saw participation from investors like Ashish Kacholia, Nikhil Kamath, Abhijit Pai, Sumeet Kanwar, Nuvama, Capri Global and others
This will be the company's last private market fundraise ahead of its IPO. Infra.Market is likely to file its draft red herring prospectus in December, Moneycontrol has learnt
Infra.Market subsidiary RDC Concrete, which divested 10 percent of its stake worth around $20 million in RDC Concrete to Ashish Kacholia and other investors in 2023, is also planning to make its public market debut in January 2025.
Founded by Souvik Sengupta and Aaditya Sharda in 2016, the Tiger Global, Accel and Nexus Ventures backed startup sells construction materials, infrastructure goods, and technical equipment.
In FY24, the B2B unicorn logged revenues of $1.75 billion and a profit after tax of $50 million