IPO-Bound Infra.Market Raises Additional $50 Mn Debt From Mars Growth Capital

Infra.Market has raised an additional $50 Mn (INR 427.41 Cr) in debt funding from Mars Growth Capital as it prepares for a public listing.

As part of this, Mars Growth Capital has extended its existing $100 Mn facility by five years and increased the commitment by an additional $50 Mn, bringing its total investment support to $150 Mn.

Northcote Luxe FinBrokers acted as the exclusive advisor to Infra.Market for this transaction.

The latest funding comes after the company raised INR 1,050 Cr ($121 Mn) in January this year, at a valuation of about $2.8 Bn (INR 24,150 Cr).

Founded in 2016 by Aaditya Sharda and Souvik Sengupta, Infra.Market manufactures construction materials under its private-label brands. It has a B2B, retail, and B2C network and leverages technology to digitise the procurement process.

“We continue to build on our vision of creating India’s largest building materials platform, offering end-to-end solutions across the construction value chain, not only in India, but also globally. We are seeing growth opportunities as we are rapidly expanding our market presence, and create a best in class construction materials company out of India,” Sengupta said.

Since its inception, the construction solutions startup has raised a total funding of over $800 Mn from investors such as Tiger Global, Accel, and Nexus Ventures.

In terms of debt investment, Infra.Market raised INR 100 Cr ($12 Mn) from non-banking financial company SK Finance Ltd, in January last year.

On the financial front, its net profit surged 144% to INR 378 Cr in FY24 from INR 155 Cr in the previous fiscal year. The company’s operating revenue zoomed 23% to INR 14,530 Cr in the year under review from INR 11,846.5 Cr in FY23.

(The story will be updated soon)

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