Infra. Market, a company that provides construction materials, has raised an extra $50 million in debt funding from MARS Growth Capital. This comes as the startup prepares for a possible stock market listing (IPO).
MARS Growth Capital has also extended the terms of its earlier $100 million funding by another five years. This brings Infra. The market’s total debt funding from MARS is $150 million.
Earlier this year, in January, Infra. The market raised $125 million in a Series D funding round. The company is backed by major investors such as Accel, Tiger Global, and Nexus.
Infra.market was founded in 2016 by Souvik Sengupta and Aaditya Sharda. The company provides a wide range of construction materials. It works with over 250 manufacturing units and supplies products through more than 10,000 retail outlets.
“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 of Infra.Market.
Infra.Market offers products in over 15 categories. These include concrete, wall materials, steel, stones and gravel (aggregates), pipes and fittings, MDF, plywood, laminates, tiles, paints, modular kitchens, designer hardware, electrical items, appliances, and other household goods.
The company supplies these products to both large business customers (B2B) and retail stores (B2R).
Infra.Market is getting ready for a $700 million IPO and is aiming for a valuation between $3 billion and $5 billion.
In the financial year 2024 (FY24), the company’s revenue grew by 23%, reaching ₹14,530 crore, up from ₹11,847 crore in FY23. Its profit after tax also more than doubled, rising to ₹378 crore in FY24 from ₹155 crore the year before.
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