Infra.Market, a construction materials provider, has raised $50 million (about Rs 416 crore) in a funding round. The Mars Unicorn Fund, a joint venture of Liquidity Group and Mitsubishi UFJ Financial Group, led this round. This funding values the company at $2.5 billion.
Notably, this valuation is the same as in 2021, when Infra.Market raised $125 million from investors led by Tiger Global.
The company plans to use the new funds to enter global markets and expand its product offerings.
With this latest investment, Mars Unicorn Fund and Liquidity Group have increased their investment in Infra.Market to $100 million. They had previously invested $50 million in 2022.
Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market supplies a wide range of building materials across more than 15 categories. These categories include concrete, steel, pipes and fittings, plywood, fans, lights, and kitchen and electrical appliances.
Infra.Market caters to both institutional clients and retail stores. The company distributes its products across 20 states in India and exports to markets like Dubai, Singapore, and Italy.
“We are seeing growth opportunities as we are rapidly expanding our product portfolio and market presence, and the launch of new verticals will help us seed newer markets and create a best-in-class construction materials company out of India,” said Sengupta, founder, Infra.Market.
According to the company, its revenue in 2023-24 was about Rs 14,000 crore, and its net profit was Rs 300 crore. However, it has not yet filed audited financials for the year with the Registrar of Companies.
In 2022-23, the company reported a revenue of Rs 11,846 crore, marking a nearly 90% year-on-year increase. Despite the revenue growth, net profit decreased to Rs 155 crore from Rs 186 crore the previous year.
Commenting on the investment, Liquidity Group CEO Ron Daniel said, “At each step in the process, our evaluation of Infra.Market showed a company delivering on its promise to remake construction and infrastructure projects across India and beyond.”
