Construction materials solutions firm Infra.Market has successfully raised approximately $120 million (Rs 1,050 crore) in its pre-IPO funding round, according to sources aware of the matter. The round witnessed participation from several prominent investors, including Tiger Global, Evolvence, Foundamental GmbH, Ashish Kacholia, Nikhil Kamath, Abhijit Pai, Sumeet Kanwar, Nuvama, Capri Global, among others.
As the firm prepares for a public listing later this year, recent filings indicate its post money valuation to be at approximately $2.8 billion ( Rs 24,150 crore), following the round.
The company has partnered with Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, Jefferies, ICICI Securities, HSBC Securities, Motilal Oswal Financial Services, and Nuvama Wealth Management, to navigate its public listing.
In FY24, the company posted Rs 14,743.5 crore in revenue, up from Rs 11,890.8 crore in FY23, and a profit of Rs 378 crore, up from Rs 155.3 crore, during the same period, according to Tracxn data.
Infra.market operates over 260 manufacturing units, with more than 200 dedicated to concrete production, featuring a capacity exceeding 20 million cubic meters annually. Additionally, Infra.Market has more than 16 factories in Morbi, specialising in tiles with a capacity of over 60 million square meters annually and 7 facilities for walling blocks with a capacity of 2.4 million cubic meters.
Notably, Infra.Market supplies construction materials to the Mumbai Metro project, the bullet train project, Apple’s Foxconn factory, and Bengaluru’s Kempegowda Airport, among others. Recently, the company has expanded its retail venture to over 10,000+ touchpoints and more over 30 flagship stores.
According to Tracxn data, as of January 3, founders Souvik Sengupta and Aaditya Sharda hold a 23% stake in the company, followed by Tiger Global Management (21.4%), Accel (16.2%), and Nexus Venture Partners (8.1%).
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