Infra.Market has secured Rs 150 crore (approximately $18 million) in debt financing over the past two months. This debt infusion follows the $50 million equity round from the Mars Unicorn Fund, a joint venture of Liquidity Group and MUFG.
The board at Infra.Market approved a special resolution to issue non-convertible redeemable debentures to raise Rs 150 crore. Previously, the committee had approved a resolution to raise up to Rs 500 crore through debentures. The new infusion is part of the Rs 500 crore tranche.
Yubi invested Rs 80 crore, while Raymond Limited, IKF Home Finance, and Samunnati Financial (through their NBFC treasuries) participated with Rs 25 crore, Rs 25 crore, and Rs 20 crore, respectively.
Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market sells construction materials, infrastructure goods, and technical equipment. It targets the growing construction materials market, with a strong focus on the infrastructure sector.
The company caters to both institutional customers (B2B) and retail outlets (D2R) in the construction materials sector. It supplies across 16 states in India and exports to markets such as Dubai, Singapore, Jordan, and Italy, among others.
To date, Infra.Market has raised around $520 million across equity and debt. According to the startup intelligence data platform TheKredible, Tiger Global was the largest external stakeholder with 21.33%, followed by Accel and Nexus Ventures, which own 16.87% and 8.46%, respectively, before this round.
While the company is yet to file its annual statements for FY24, Infra.Market’s gross revenue rose 89% to Rs 11,846 crore in FY23. The Tiger Global-backed firm’s profit slipped 17% to Rs 155 crore in the same period (FY23).
Infra.Market’s competition includes OfBusiness, Moglix, and Zetwerk, among others. OfBusiness recorded nearly Rs 20,000 crore in revenue and Rs 603 crore in profit in FY24. Entrackr exclusively reported the firm’s financial numbers on July 8. Meanwhile, Zetwerk and Moglix are yet to report their FY24 numbers.