Infra.Market Raises $18 Million in Latest Funding Round
Mumbai: Construction goods and services platform Infra.Market has raised up to Rs 150 crore (approximately $18 million) in its Series E2 funding round, just three months after securing $50 million from Mars Fund. The latest investment values the company at around $2.6 billion.
The company’s board has approved the issuance of 7,028 Series E2 preference shares at Rs 213.438.7 each to raise Rs 150 crore. Of this amount, Rs 76.3 crore has already been received, with Amit Vijaysinh Barad and Barad Sanjay Amarsinh investing Rs 45 crore together. The remaining funds have been contributed by various individual shareholders.
Infra.Market has also secured Rs 75 crore ($9 million) in debt funding from Innoven Capital, in addition to its Rs 150 crore debt round from Yubi in July.
According to TheKredible estimates, the company has raised around $540 million across equity and debt to date. Tiger Global remains the largest external stakeholder, followed by Accel and Nexus Ventures.
Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market sells construction materials, infrastructure goods, and technical equipment, targeting the growing construction materials market with a strong focus on the infrastructure sector.
Infra.Market reported a 89% increase in gross revenue to Rs 11,846 crore in FY23, while its profit slipped 17% to Rs 155 crore.
The company is eyeing an initial public offering (IPO) and may file its draft red herring prospectus (DRHP) soon. Infra.Market competes with other startups such as OfBusiness, Moglix, and Zetwerk, among others.
