Exclusive: Infra.Market To Raise $83 Mn From Founders, Nikhil Kamath, Tiger Global

IPO-bound building materials platforms InfraMarket is raising around INR 731.58 Cr ($83 Mn) from its promoters’ group – Silverline Homes Private Limited. The fresh round also saw participation from Nikhil Kamath’s NK Squared, Tiger Global, Accel, and Nexus among others.

According to the startup’s regulatory filing, it has initiated its Series G fundraising round. The startup raised the fresh funding at almost the same valuation of $2.8 Bn.

The fresh round of investments comes almost eight months after the startup bagged INR 1,050 Cr ($121 Mn) in its Series F round of funding, as it geared up for public listing. Back then, the startup’s funding round saw participation from Tiger Global, Evolvence, Foundamental GmbH, Nikhil Kamath, and Capri Global. This helped the startup’s valuation catapult to $2.8 Bn.

The fresh funding round also comes on the back heels of the startup picking up a majority stake in Metro Group, a ceramic tiles manufacturing company, in a share swap deal worth INR 200 Cr, the company’s filings with the Ministry of Corporate Affairs revealed. Back then, sources close to the development told Inc42 that the unicorn, Infra.Market, intends to strengthen its foothold in the tiles industry with this move.

It is pertinent to note, a year ago, the startup had acquired a 57% stake in Emcer Tiles.

The Thane-based company (Hella Infra Market Ltd) has been relying on acquisitions to double down on its offerings. It acquired RDC Concrete for INR 730 Cr in 2021, followed by a stake acquisition in Shalimar Paints in 2022.

Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market is a marketplace for construction materials. It also manufactures construction materials under its private label brands. It sells through its B2B, retail and B2C networks and leverages technology to digitise the procurement process.

Its product portfolio includes ready-mix concrete, tiles and paints under brands like RDC Concrete, Million Tiles and Shalimar Paints.

On the financial front, Infra.Market’s FY24 net profit jumped 144% to INR 378 Cr from INR 155 Cr in FY23. Revenue grew 23% YoY to INR 14,530 Cr in FY24. Over 80% of its overall revenue comes from its B2B offerings.

With a $500 Mn to $700 Mn IPO on the anvil, the company has been exploring various fundraising avenues, including a mix of equity and debt infusions. To date, the startup has raised over $700 Mn in funding across multiple rounds.

The post Exclusive: Infra.Market To Raise $83 Mn From Founders, Nikhil Kamath, Tiger Global appeared first on Inc42 Media.