Construction focused marketplace Infra Market raises $53 million
- ByTejika Bajaj | December 29, 2021
B2B construction materials marketplace, Infra Market, recently revealed that it has raised INR 200 crore ($53 million approx.) by issuing debentures to a group of investors led by financial institution Avendus. Apart from Avendus, the family office of Phoenix Mills and Dalmia Group Holdings also participated in the fundraising.
The funding is intended to help meet the working capital needs of the Tiger Global-backed company, the people said. Infra.Market became a unicorn—a privately held startup with a valuation of $1 billion or more—in February.
“This is debt funding with a three-year tenure. The company is also in talks to raise equity funding,” a person aware of the matter said.
It is learnt that the debentures have been secured by personal guarantees of Infra.Market’s founders Souvik Sengupta and Aaditya Sharda, and shares of the acquired company.
Founded in 2016, the Mumbai-based online marketplace has so far raised close to $270 million in equity funding over five rounds. Its last round of equity fundraising, of $125 million, in August had valued the company at $2.5 billion, according to sources. Infra.Market clocked sales of Rs 1,273 crore in financial year 2020-21, and a net profit of Rs 35.9 crore.
The company has two lines of business—it supplies concrete, cement, chemicals, steel and electricals to the construction industry, and is also developing a private label business with its own branded products such as ready-mix concrete. Infra.Market had acquired RDC concrete, a ready-mix concrete company for Rs 730 crore in September.
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