Around six months after divesting a 10 per cent stake in its subsidiary RDC Concrete to investors led by Ashish Kacholia, construction materials unicorn Infra.Market on Friday announced another divestment of minority stake to investors. Prepping for the near-future IPO for RDC (ready-to-mix concrete company), the deal yielded around $20 million from an investor group led by Zerodha’s Nikhil Kamath with participation from Capri Global Family Office, Sumeet Kanwar from Verity and Abhijeet Pai-led Wear Steels.
Infra.Market had acquired RDC Concrete in mid-2021 for $90 million and grew it to over 100 plants across 48 cities. The divestment in November to investors led by ace investor Ashish Kacholia had also raised around $20 million at a valuation of approximately $225 million.
Speaking on investment in RDC, Nikhil Kamath said, “By adopting cutting-edge, new-age technologies in concrete, RDC is setting a benchmark in the industry. We are actively seeking companies who ensure that India’s growth and environmental sustainability progress hand in hand. Robust infrastructure is the backbone of a thriving nation, and investing in it is crucial for long-term prosperity.”
Founded in 2016 and valued at $2.5 billion, Infra.Market supplies different building material product categories, including Concrete, AAC Blocks, Steel, Pipes & Fittings, and more.
“The investments in RDC by marquee investors is a testament to the team at RDC which has been at the forefront of an astonishing journey in building a category-defining building material company,” said Souvik Sengupta, Co-founder, Infra.Market.
Earlier this week, the company had announced $50 million from its existing investor MARS Unicorn Fund, a joint venture from asset manager Liquidity Group and Japanese bank MUFG to cater to newer global markets and enhance its presence across product verticals.
Infra.Market caters to both institutional customers (B2B) and retail outlets (D2R) in the construction materials sector and has flagship stores to cater to smaller stores and dealership stores for retail customers.