MUMBAI: Infrastructure materials marketplace Inframarket has raised ₹732 crore in an internal funding round as it prepares for an initial public offering (IPO) next month via the confidential route.
The funding was led by Internet Fund V Pte. Ltd (Tiger Global), Accel India V, Nexus Ventures V Ltd, NKSquared (Nikhil Kamath), Evolvence India, and Silverline Homes Pvt Ltd-the promoter entity. According to documents filed with the Ministry of Corporate Affairs (MCA), these investors collectively purchased 34,276 shares for ₹731.5 crore. The company declined to comment on the matter.
“The round values the company at about ₹24,600 crore and the promoters have also infused ₹250 crore,” a person familiar with the matter said, adding that it is targeting a valuation of $3.5-4 billion for the IPO.
The promoters have pumped in money to increase their stake before the public listing.
The company is likely to file its draft documents for a $500-750 million IPO by September. It has appointed investment banks Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, Jefferies, ICICI Securities, HSBC Securities, Motilal Oswal Financial Services, and Nuvama Wealth Management.
This latest equity round is Infra.Market’s third fundraising effort this year. In January, it secured approximately $125 million at a $2.7 billion valuation from investors such as Tiger Global, Evolvence, and Foundamental, along with individuals like Ashish Kacholia, Nikhil Kamath, and Abhijit Pai.
In June, MARS Growth Capital invested $50 million and extended an existing $100 million financing term by five years. The company stated that these funds would be used for manufacturing concrete and autoclaved aerated concrete blocks.
Mint reported in April that Infra.Market’s venture debt backers – Innoven Capital, Strides Ventures and Trifecta Capital – are exploring a $30 million secondary transaction in an extended pre-IPO round as they look to encash some of their stake.
Founded by Souvik Sengupta and Aaditya Sharda in 2016, the company offers solutions across the construction value chain. It has a network of over 250 manufacturing units with strategic investments in companies including RDC Concrete, Shalimar Paints, Emcer, Millennium Tiles, and Amstrad.
The company reported revenue of ₹14,530 crore in FY24, up from ₹11,846.5 crore the previous year, while its profit after tax surged to ₹378 crore from ₹155 crore in FY23. Much of this growth came from private labels in categories like concrete, walling products, paint, electricals and tiles.
Infra.Market sells a wide range of products through its 10,000+ retail outlets across India, catering to both institutional and retail customers. The company also announced plans in February to expand into lifestyle categories beyond traditional construction materials, such as mattresses and home décor, through its brand Ivas, which offers products like bath fittings, ceramics, and home appliances.
