Building and construction material supplier Infra.Market has raised $121 million in its latest funding round from existing investors viz., Tiger Global, Evolvence, Foundamental GmbH, Zerodha’s Nikhil Kamath, others, according to the Registrar of Companies (RoC) filing. The company was valued at around $2.8 billion in the latest round ahead of the planned initial public offering (IPO).
Founded in 2016, Infra.Market deploys technology to optimize operations for demand planning and procurement through manufacturing, warehousing, and logistics at its more than 250 manufacturing plants, warehouses, and third-party logistics providers.
The company was last valued at $2.5 billion during its $50 million funding round in May last year from Mars Growth Capital
The company manufactures and supplies more than 15 building material categories including concrete, walling products, steel, aggregates, tiles, bath fittings, sanitaryware, wood, paints, plumbing, modular kitchens, designer hardware, electricals, appliances, consumer durables, and more.
Infra.Market had acquired construction equipment rental company Equiphunt and independent ready-mix concrete player RDC Concrete in September 2021. Its revenue stood at Rs 14,530 crore for FY24 in comparison to Rs 11,846 crore for FY23 while net profit grew to Rs 378 crore in FY24 from Rs 155 crore in FY23.
However, in May last year, the company had strategically divested a minority stake in RDC Concrete to certain investors including Nikhil Kamath, Capri Global Family Office, Sumeet Kanwar from Verity and Abhijeet Pai-led Wear Steels. The company had earlier divested a 10% stake in RDC Concrete to certain investors led by Ashish Kacholia in November 2023.
In September last year, Infra.Market had claimed to become India’s largest manufacturer of Autoclaved Aerated Concrete (AAC) blocks with an annual production capacity of 3 million cubic metres across nine plants.