Infra.Market closes additional funding of $50M from MARS Unicorn Fund
Infra.Market is poised to ramp up its offerings in the infrastructure sector and is in the process of increasing allocation for infrastructure projects under the National Infrastructure Pipeline.
Multi-product construction materials maker Infra.Market has completed an additional funding round of $50 million from MARS Unicorn Fund.
With the additional funding, Infra.Market has received a total investment of $100 million from MARS Unicorn Fund, which had earlier invested $50 million in the company in 2022.
Infra.Market was advised by Northcote Luxe FinBrokers on the transaction.
Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market is a manufacturer of construction materials. It has over 200 concrete manufacturing plants and more than 30 manufacturing units for other product categories. It offers building material categories for sectors like concrete, AAC blocks, steel, pipes and fittings, MDF, plywood, laminates, tiles, bath fittings sanitary, fans, lights, and electrical appliances.
It caters to both businesses and retail outlets in the construction materials sector. The company also has an expansive international presence with distribution in countries including the UAE, Singapore, and Italy.
Infra.Market is poised to ramp up its offerings in the infrastructure sector, it said in a statement. It is working at increasing project allocation under the National Infrastructure Pipeline, under which projects worth $2 trillion have been planned and are expected to be deployed over the next few years.
"We are seeing growth opportunities as we are rapidly expanding our product portfolio and market presence, and the launch of new verticals will help us seed newer markets and create a best-in-class construction materials company out of India,” said Souvik Sengupta, Founder, Infra.Market, in a statement.
In December 2023, the company divested 10% of shares in RDC Concrete to a group of investors led by Ashish Kacholia. Infra.Market had purchased the ready-mix concrete company for $90 million in 2021, and during the time of divestiture, RDC was valued at $225 million.
MARS Unicorn Fund is a joint venture between Liquidity Group and Japanese bank MUFG. It primarily deploys financing in Southeast Asian fast-growth companies that are typically in the post-Series C financing round.
"At each step in the process, our evaluation of Infra.Market showed a company delivering on its promise to remake construction and infrastructure projects across India and beyond,” added Ron Daniel, Co-founder and CEO, Liquidity Group.
Edited by Kanishk Singh