Infra.Market Secures Rs 150 Crore in Debt Financing Led by Yubi
- ByStartupStory | July 13, 2024
Infra.Market, the Mumbai-based construction materials and infrastructure goods supplier, has secured Rs 150 crore (approximately $18 million) in debt financing over the past two months. This latest debt infusion comes on the heels of a $50 million equity round from the Mars Unicorn Fund, a joint venture of Liquidity Group and MUFG.
The board at Infra.Market has approved a special resolution to issue non-convertible redeemable debentures to raise Rs 150 crore. This new infusion is part of a larger plan to raise up to Rs 500 crore through debentures, a resolution that had been previously approved by the committee.
The debt round was led by Yubi, which invested Rs 80 crore. Other participants in this round included Raymond Limited, IKF Home Finance, and Samunnati Financial, contributing Rs 25 crore, Rs 25 crore, and Rs 20 crore, respectively.
Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market has rapidly grown to become a significant player in the construction materials market, targeting both institutional customers (B2B) and retail outlets (D2R). The company operates across 16 states in India and exports to international markets such as Dubai, Singapore, Jordan, and Italy.
To date, Infra.Market has raised approximately $520 million through a combination of equity and debt financing. According to startup intelligence data platform TheKredible, Tiger Global is the largest external stakeholder with a 21.33% stake, followed by Accel and Nexus Ventures, which own 16.87% and 8.46%, respectively, before this latest round.
Infra.Market’s gross revenue surged by 89% to Rs 11,846 crore in FY23. However, the company’s profit slipped 17% to Rs 155 crore during the same period. The firm has yet to file its annual statements for FY24.
Infra.Market faces competition from companies like OfBusiness, Moglix, and Zetwerk. OfBusiness reported nearly Rs 20,000 crore in revenue and Rs 603 crore in profit for FY24. Zetwerk and Moglix have yet to release their financial numbers for FY24.
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