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Infra.Market co-founders - Souvik Sengupta and Aaditya Sharda
Building materials supplier Infra.Market has secured $121 million, or about Rs 1,050 crore, in a pre-IPO funding round from investors including Tiger Global, Evolvence, Foundamental, Nuvama and Capri Global, as well as individual backers such as Zerodha’s Nikhil Kamath and Ashish Kacholia.
According to regulatory filings with the Registrar of Companies, this round values the startup at about $2.8 billion, an increase from the $2.5 billion valuation it reported in May last year when it raised $50 million from Mars Growth Capital.
Operations and Acquisitions
Founded in 2016 by Aaditya Sharda and Souvik Sengupta, Infra.Market uses technology to streamline demand planning, manufacturing and logistics.
It operates across more than 250 manufacturing plants, warehouses and third-party logistics providers. The company offers over 15 building material categories, from concrete and walling products to sanitaryware and consumer durables.
Infra.Market has expanded its reach through strategic acquisitions, including the construction equipment rental company Equiphunt and the ready-mix concrete supplier RDC Concrete in September 2021.
It later divested minority stakes in RDC Concrete to investors such as Kamath, Capri Global Family Office, Verity’s Sumeet Kanwar and Wear Steels led by Abhijeet Pai, and in November 2023, it sold a 10% stake in RDC Concrete to a group led by Kacholia.
Financial performance
Infra.Market’s revenue grew from Rs 11,846 crore in fiscal year 2022-23 to Rs 14,530 crore in fiscal year 2023-24.
During the same period, net profit increased from Rs 155 crore to Rs 378 crore, underscoring the company’s profitability and appeal to investors. These strong earnings position Infra.Market among a select group of profitable startups in India.