Infra.Market to raise Rs 731 Cr from promoters, others

IPO-bound building materials startup Infra.Market is raising ₹731.58 Cr (about $83 Mn) from Silverline Homes (promoter group), Nikhil Kamath’s NK Squared, Tiger Global, Accel, Nexus, and others.

Infra.Market’s filing shows the Series G round will be at a $2.8 Bn valuation, the same as its last round. 

About eight months ago, it raised ₹1,050 Cr ($121 Mn) in Series F from Tiger Global, Evolvence, Foundamental GmbH, Nikhil Kamath, and Capri Global.

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The funding comes as Infra.Market prepares for an IPO worth $500–700 Mn (₹4,400–6,100 Cr). Reports suggest the company plans to file its DRHP next month.

Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market is a marketplace for construction materials and also makes its own products under private labels. It sells via B2B and retail channels, using tech to digitise procurement. 

Its portfolio includes ready-mix concrete, tiles, and paints under brands like RDC Concrete, Million Tiles, and Shalimar Paints. So far, it has raised about $700 Mn in funding.

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In July, Infra.Market acquired a majority stake in Metro Group, a ceramic tiles maker, through a ₹200 Cr share swap deal.

In FY24, Infra.Market’s revenue rose 23% YoY to ₹14,530 crore, while profit jumped 2.4X to ₹378 crore. The FY25 numbers are yet to be reported.

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