Construction goods and services platform Infra.Market has secured approximately Rs 150 crore (around $18 million) in its Series E2 funding round. This fresh infusion comes just three months after the company announced a $50 million investment from the Mars Fund. The Tiger Global-backed company has also raised an additional Rs 75 crore ($9 million) in debt from Innoven Capital, bringing the total to $27 million.
According to regulatory filings with the Registrar of Companies (RoC), Infra.Market’s board passed a resolution to issue 7,028 Series E2 preference shares at an issue price of Rs 213,438.7 each, totaling Rs 150 crore ($18 million). Out of this amount, the company has already received Rs 76.3 crore. Amit Vijaysinh Barad and Barad Sanjay Amarsinh have collectively invested Rs 45 crore, while the remainder was contributed by various individual shareholders.
In addition to the equity raise, Infra.Market successfully closed a debt round of Rs 150 crore in July through Yubi, reinforcing its capital base as it targets an IPO. The company is reportedly aiming for a larger funding round in the range of $150-200 million and may file its draft red herring prospectus (DRHP) soon.
Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market offers a wide range of construction materials, infrastructure goods, and technical equipment. The company has now raised around $540 million in equity and debt funding to date, positioning itself as a key player in the growing construction materials market, with a strong focus on the infrastructure sector.
Infra.Market’s financials have been on an upward trajectory, with gross revenue rising by 89% to Rs 11,846 crore in FY23. However, its profits dipped by 17% to Rs 155 crore during the same period. The company faces competition from other industry players like OfBusiness, Moglix, Zetwerk, and MetalBook. Notably, OfBusiness is also considering a public listing, targeting an IPO in the next fiscal year (FY26).
With this latest funding, Infra.Market is well-positioned to accelerate its growth plans and pursue an IPO, capitalizing on the burgeoning construction and infrastructure market.
