Infra.Market, a construction materials platform backed by Accel, has secured $150 million in debt funding from MARS Growth Capital—a joint venture between MUFG Bank and Liquidity Group—as it gears up for its public listing.
As part of the latest development, MARS Growth has extended its existing $100 million credit facility by five years and increased its commitment with an additional $50 million, taking the total financing support to $150 million.
This marks the second round of funding for IPO-bound Infra.Market, which previously raised $120 million earlier this year from existing investors including Tiger Global, Foundamental, and Evolvence.
The company plans to use the debt funding as capital expenditure (capex) to support its core businesses, such as concrete, AAC blocks, and MDF. Additionally, Infra.Market has a presence in the paints segment through its investment in Shalimar Paints.
“Our revenues for FY25 have grown at over 20% CAGR, and our profitability has kept pace with that. We’ve been EBITDA positive and profitable for many years now,” said Souvik Sengupta, co-founder of Infra.Market.
“Right now, the focus is not just revenue growth but driving margins and unlocking profitability deeper within our existing categories,” he added.
Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market operates across the entire construction value chain, offering more than 15 categories of building materials such as concrete, steel, walling solutions, tiles, paints, and electricals.
The company has built a robust network, with over 250 manufacturing units and 10,000 retail touchpoints spread across India.
Infra.Market caters to both institutional clients (B2B) and retail outlets (B2R) and currently claims the position of the second-largest player in India by revenue in the ready-mix concrete (RMC) segment. It also ranks second by capacity in AAC blocks and flooring tiles.
The company is eyeing a significant share of India’s $255 billion building materials market, with a strategic focus on infrastructure, industrial, and building construction segments.
MARS Growth Capital, which manages assets worth $1.1 billion, offers non-dilutive financing solutions ranging from $3 million to $100 million for mid-market, late-stage, and pre-IPO technology companies.
Having achieved unicorn status in 2021, Infra.Market has been actively expanding its operations and making strategic acquisitions to diversify and strengthen its presence across the construction and infrastructure value chain.
“We are doubling down on three categories—concrete, AAC blocks, and tiles—where we are already among the top players in India. The capital infusion will help us scale these up further,” Sengupta said.
“In AAC blocks, we are the largest manufacturer in India. In concrete, we’re second only to Ultratech, and in tiles, we have the second-largest manufacturing capacity. These categories will remain our core growth engines,” he added.
The firm is also serving public sector customers.
“Around 40% of our business is linked to government infrastructure projects, though we don’t sell directly to the government. We supply to EPC players like L&T and others executing metro, rail, and road contracts,” Sengupta said.
Infra.Market raised ₹1,050 crore (approximately $120 million) in fresh funding at a valuation of around ₹24,147 crore (nearly $2.8 billion) as it gears up for a stock market listing later this year.
