Infra.Market raises $50M from MARS Growth Capital in debt funding

Infra.Market, the construction materials platform, has raised an additional $50 million in debt funding from MARS Growth Capital even as the startup gets ready for an initial public offering (IPO).

In a statement, Infra.Market said MARS Growth Capital has extended the terms of its existing financing of $100 million by another five years and takes the total debt funding to $150 million.

This startup had last raised funding of $125 million in a Series D round in January this year. It counts Accel, Tiger Global, and Nexus among its key investors.

Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market offers materials across the construction value chain. It has a network of over 250 manufacturing units and has a presence in 10,000 plus retail touch points.

“We continue to build on our vision of creating India’s largest building materials platform, offering end-to-end solutions across the construction value chain, not only in India, but also globally. We are seeing growth opportunities as we are rapidly expanding our market presence, and create a best in class construction materials company out of India,” said Souvik Sengupta, Founder, Infra.Market.

Infra.Market provides products across 15 plus categories, which include concrete, walling solutions, steel, aggregates, pipes & fittings, MDF, plywood, laminates, tiles, paints, modular kitchens, designer hardware, electricals, appliances, and consumer durables. It caters to both institutional customers (B2B) and retail outlets (B2R).

Infra.Market is also gearing up for a $700 million IPO at a valuation in the range of $3-5 billion. In FY24, the company’s revenue from operations grew 23% to Rs 14,530 crore from Rs 11,847 crore in FY23, while profit after tax rose to Rs 378 crore in FY24 from Rs 155 crore in FY23.