2025-01-23 14:11:00 :
bangalore
: Building materials market Infra.Market has raised more than $120 million ( $1,050 crore) in the pre-IPO funding round, the company was valued at approximately $2.7 billion ( $24,147 crore), according to regulatory filings with the Registrar of Companies.
Investors including Tiger Global, Evolvence and Foundamental also participated in the round.
Read this article | Small investments surge as new wave of angel investors enter startups seeking big returns
Infra.Market, which plans to go public later this year, has hired eight investment banks for management, including Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, Jefferies, ICICI Securities, HSBC Securities, Motilal Oswal Financial Services and Nuvama Wealth Management, according to a person familiar with the matter People disclosed its initial public offering (IPO).
“Infra.Market is undoubtedly a generational company that represents the best qualities of a venture-backed success story: category dominance, hyperscale growth, and best-in-class profitability,” said Shubhankar Bhattacharya, general partner at Fundamental. We at Foundamental are proud to be an early investor in Infra Market and honored to deepen our partnership with the company during its IPO process.”
Infra.Market declined to comment for this story, as did a spokesman for Jefferies. Emails sent to investment banks and other investors were not immediately responded to.
The Maharashtra-based startup raised $50 million ( $400 crore) from Mars Unicorn Fund at a valuation of $2.5 billion. Infra.Market’s investor list also includes Accel and Nexus Venture Partners.
Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market started as a B2B platform that leveraged technology to streamline procurement in the construction ecosystem. The company has since expanded its product portfolio to focus on private-label, high-volume construction products while addressing issues such as price transparency, quality control and logistics inefficiencies.
Infra.Market’s growth accelerated as geopolitical changes and inflationary pressures prompted companies to relocate manufacturing operations to India. This momentum has been enhanced by the Indian government’s infrastructure development and initiatives such as the Production-Linked Incentive Scheme and the “China+1” strategy.
The company reported revenue of $145.3 billion in FY24, higher than $11,846.5 crore in the previous year, profit after tax soared to $378 Crores Rs. $155 crore in FY23. This growth was largely driven by the increasing contribution of private brands in categories such as concrete, wall products, paints, electrical and ceramic tiles, which accounted for a large share of its revenue.
Infra.Market also operates a strong manufacturing and distribution network with over 260 manufacturing units across the country, including 200 concrete plants, 16 tile plants in Morbi and 7 plants specialized in the production of wall tiles. It supplies materials for some of India’s largest infrastructure and industrial projects.
The company is also strengthening its business-to-consumer (B2C) and retail operations, which currently account for 30% of total revenue. Infra.Market, which has over 10,000 retail touchpoints and 30 exclusive flagship stores, aims to increase profitability in the segment, co-founder Sengupta said in June.
ALSO READ | India expects more startups to cash in on employee stock ownership plans through pre-IPO and secondary deals in 2024
Infra.Market joins a growing list of startups preparing to enter the public markets. Following the 2024 IPOs of FirstCry, Ola Electric, Swiggy, Unicommerce and Blackbuck, companies such as Ather, Bluestone and OfBusiness are expected to list this year.
Follow us On Social Media Twitter/X