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Infra.Market divests $20 Mn worth stake in RDC Concrete

EntrackrEntrackr · 1y ago
Infra.Market divests $20 Mn worth stake in RDC Concrete
Medial

Construction goods and services platform Infra.Market has divested approximately 7% of its stake worth $20 million in RDC Concrete to investors led by Zerodha’s co-founder Nikhil Kamath. The round saw participation from various investors such as Capri Global Family Office, Sumeet Kanwar from Verity and Abhijeet Pai-led Wear Steels The company had earlier divested a 10% stake in RDC Concrete to certain investors led by Ashish Kacholia in November 2023. Infra.Market had acquired RDC Concrete for $90 million in mid of 2021 when it had 49 RMC plants, which claims to have grown to 100 plants across 48 cities. The development comes on the heels of $50 million funding announced by Infra.Market. The fund was pumped in by MARS Unicorn Fund which is a joint venture of Liquidity Group and MUFG. Founded by Anil Banchhor, RDC Concrete manufactures and supplies Ready Mix Concrete (RMC). Apart from normal concrete mixes of various grades, RDC Concrete also produces special concrete solutions using its infrastructure and technology and ensures product and service quality. RDC Concrete expects to have around 180 RMC plants by the end of FY25. With more than 10,000 retail touchpoints and over 30 flagship showrooms, Infra.Market supplies all its products under its own brand names Infra.Market, IVAS, Shalimar Paints and RDC. The firm has raised around $500 million across equity and debt and is valued at around $2.5 million. As per startup data intelligence platform TheKredible, its gross revenue rose to Rs 11,846 crore in FY23 from Rs 6,285 crore in FY22. During the fiscal year ending March 2023, the firm’s profit slipped 17% to Rs 155 crore from Rs 187 crore in FY22.

Infra.Market raises $50 Mn from Mars Unicorn Fund

EntrackrEntrackr · 1y ago
Infra.Market raises $50 Mn from Mars Unicorn Fund
Medial

Infra.Market has raised $50 million from MARS Unicorn Fund which is a joint venture of Liquidity Group and MUFG. With this, MARS and Liquidity investment in the company touched $100 million. The two funds previously invested $50 million in Infra.Market in 2022. While the company didn’t disclose its valuation in fresh funding, Infra.Market was reportedly valued at $4 billion in 2022. Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market sells construction materials, infrastructure goods, and technical equipment. It is targeting the $140 construction materials market, with a strong focus on the infrastructure sector. The company caters to both institutional customers (B2B) and retail outlets (D2R) in the construction materials sector. As per the company, it supplies across 16 states in India and exports to markets such as Dubai, Singapore, Jordan, and Italy, among others. Last year, Infra.Market had divested 10% of its stake worth $20 million in RDC Concrete to investors led by Ashish Kacholia. The former had acquired RDC Concrete for $90 million in September 2021. It also has a majority stake in Strata Geosystems, Equiphunt and Halonix. As of now, Infra.Market has raised around $500 million across equity and debt. According to the startup intelligence data platform TheKredible, Tiger Global was the largest external stakeholder with 21.33% followed by Accel and Nexus Ventures which commanded 16.87% and 8.46%, respectively, before this round. Infra.Market is one of the handful of unicorns in the country which managed over nine-fold growth in gross scale between FY21 and FY23 and remained profitable. As per TheKredible, its gross revenue rose to Rs 11,846 crore in FY23 from Rs 1,240 crore in FY21. During the fiscal year ending March 2023, the firm’s profit slipped 17% to Rs 155 crore from Rs 187 crore in FY22. It competes with Zetwerk, OfBuisness and Moglix.

Infra.Market secures $150 Mn from Mars Growth Capital

EntrackrEntrackr · 18d ago
Infra.Market secures $150 Mn from Mars Growth Capital
Medial

Infra.Market secures $150 Mn from Mars Growth Capital Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market provides end-to-end building materials solutions and serves both institutional (B2B) and retail (B2R) segments. Building materials marketplace Infra.Market has secured a $150 million debt financing facility from Mars Growth Capital, a joint venture between Liquidity Group and MUFG Bank. The latest infusion includes a $50 million top-up to an existing $100 million facility, which has also been extended by another five years. This marks Infra.Market’s second major funding deal in 2025. Earlier this year, the Mumbai-based company raised around $125 million in a Series D round from existing investor Tiger Global. Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market provides end-to-end building materials solutions and serves both institutional (B2B) and retail (B2R) segments. The company claims to be the second-largest player in India by revenue in the ready-mix concrete (RMC) segment and the second-largest by capacity in autoclaved aerated concrete (AAC) blocks and flooring tiles. Infra.Market said it is targeting India’s $255 billion construction materials market and is rapidly expanding its footprint. The platform currently offers more than 15 product categories and has a presence across over 10,000 retail touchpoints, with more than 250 manufacturing partnerships. It also has investments in brands such as RDC Concrete, Shalimar Paints, Emcer, Millennium Tiles, and Amstrad. Backed by investors such as Tiger Global, Accel, Nexus Venture Partners, and Evolvence, Infra.Market was last valued at around $2.5 billion. The company also made headlines in 2022 when it acquired a majority stake in RDC Concrete for around Rs 1,000 crore. Infra.Market’s consolidated gross revenue grew to Rs 14,530 crore in FY24 from Rs 11,847 crore in FY23. Its profit also saw a 2.4X jump to Rs 378 crore in FY24. Infra.Market’s competitors OfBusiness, Zetwerk, and Moglix recorded gross revenues of Rs 19,296 crore, Rs 14,436 crore, and Rs 4,964 crore, respectively, during FY24.

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