Infra.Market, a building materials startup preparing for its IPO, is raising INR 731.58 crore (around $83 million) from Silverline Homes (promoter group), Nikhil Kamath’s NK Squared, Tiger Global, Accel, Nexus, and other investors.
Infra. Market’s filing shows that the Series G round values the company at $2.8 billion, the same as its previous round.
About eight months ago, the startup raised INR 1,050 crore ($121 million) in its Series F round from Tiger Global, Evolvence, Foundamental GmbH, Nikhil Kamath, and Capri Global.
Infra.Market is preparing for an IPO worth $500–700 million (₹4,400–6,100 crore) and is expected to file its DRHP next month.
Founded in 2016 by Souvik Sengupta and Aaditya Sharda, the company is a marketplace for construction materials and also makes its own products under private labels. It sells through both B2B and retail channels, using technology to simplify procurement.
Its product range includes ready-mix concrete, tiles, and paints under brands like RDC Concrete, Million Tiles, and Shalimar Paints. So far, Infra.Market has raised about $700 million in funding.
In July, Infra.Market bought a majority stake in Metro Group, a ceramic tile maker, through an INR 200 crore share swap deal.
In FY24, the company’s revenue grew 23% year-on-year to INR 14,530 crore, while its profit rose 2.4 times to INR 378 crore. The FY25 results have not been announced yet.
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