Infra.Market, the Mumbai-based construction materials and infrastructure goods supplier has successfully raised Rs 150 crore (approximately $18 million) in debt financing over the past two months. This funding round marks a strategic move following a recent $50 million equity infusion from the Mars Unicorn Fund, a joint venture of Liquidity Group and MUFG.
The board of Infra.Market approved a special resolution to issue non-convertible redeemable debentures to raise Rs 150 crore, part of an overall plan to raise up to Rs 500 crore through debentures. Leading the debt financing round is Yubi, which contributed Rs 80 crore. Additional investments came from Raymond Limited (Rs 25 crore), IKF Home Finance (Rs 25 crore), and Samunnati Financial (Rs 20 crore) through their NBFC treasuries.
Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market has carved out a niche in the construction materials market with a robust focus on the infrastructure sector. The company serves both institutional customers (B2B) and retail outlets (D2R) across 16 states in India, with exports to international markets including Dubai, Singapore, Jordan, and Italy.
To date, Infra.Market has raised approximately $520 million through a combination of equity and debt financing. Prior to this round, Tiger Global held the largest external stake at 21.33%, followed by Accel and Nexus Ventures with 16.87% and 8.46%, respectively.
Despite a challenging economic environment, Infra.Market reported impressive financial results for FY23, with gross revenues climbing 89% to Rs 11,846 crore. Profitability, however, saw a slight decline of 17% to Rs 155 crore in the same period.
Infra.Market faces stiff competition from peers such as OfBusiness, which reported nearly Rs 20,000 crore in revenue and Rs 603 crore in profit for FY24. Meanwhile, Zetwerk and Moglix, other key players in the sector, are yet to disclose their fiscal year 2024 financial performance.
The latest debt financing round positions Infra.Market for continued growth and expansion within India’s burgeoning infrastructure sector, bolstered by its strategic approach to both domestic and international markets.
