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Infra.Market pledges assets and promoter shares to raise Rs 1,250 Cr debt

EntrackrEntrackr · 15h ago
Infra.Market pledges assets and promoter shares to raise Rs 1,250 Cr debt
Medial

Infra.Market pledges assets and promoter shares to raise Rs 1,250 Cr debt Infra.Market is set to raise Rs 1,250 crore in debt, offering company assets and stakes held by the company’s promoters as collateral. The company has issued 125,000 non-convertible debentures at a face value of Rs 1,00,000 each via private placement to raise Rs 1,250 crore. The company raised Rs 700 crore from Singapore-based private credit platform Ascertis Credit, issuing 70,000 non-convertible debentures at a face value of Rs 1,00,000 each. Assets and promoter shares held by CEO Souvik Pulakesh Sengupta and COO Aaditya Gajendra Sharda, along with shares of group companies including RDC Concrete India Limited and subsidiaries Neptune Readymix Concrete Private Limited and Robo Quarries Private Limited, are being pledged. Infra.Market last raised $83 million in a Series G round led by Silverline Homes, with participation from Tiger Global, Accel, Nexus Ventures, NK Squared, and Evolvence India, in September 2025. In January 2026, the company secured approval from SEBI to proceed with its IPO. Its gross revenue rose 27% to Rs 18,472 crore in FY25, while its profit fell nearly 42% to Rs 220 crore during the year.

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Bhavish Aggarwal pledges Ola Electric shares for Krutrim’s debt

EntrackrEntrackr · 1y ago
Bhavish Aggarwal pledges Ola Electric shares for Krutrim’s debt
Medial

Ola Electric’s founder Bhavish Aggarwal has pledged his Ola Electric shares to raise debt funding (via issuing debentures) for its artificial intelligence startup Krutrim SI Designs. Bhavish Aggarwal, the promoter, entered into an agreement with Axis Trustee and Krutrim Data Center Private Limited on November 23. The agreement aims to provide assurance regarding certain debentures issued by Krutrim Design, Ola Electric’s internal document accessed by Entrackr show. As per the document, Bhavish Aggarwal held 132.39 crore shares of Ola Electric, accounting for 30.02% of the company. He pledged 4.83 crore shares, representing 1.10% of Ola Electric's equity or 3.65% of his total shareholding, as an encumbrance. Entrackr has reached out to Ola Electric for more details. Artificial intelligence startup Krutrim SI Designs has raised around $75 million to date and entered into a coveted unicorn club this year. Its investors include Z47 (formerly Matrix), Sarin Family, and others. On Monday, Aggarwal revealed plans to open 4,000 Ola Electric stores in December. Ola Electric is currently trading at Rs 91.79 with a total market capitalization of 40,487 crore (approximately $4.82 billion). In Q2, Ola Electric recorded a 26% decline in its operating revenue to Rs 1, 214 crore when compared to Rs 1,644 crore in Q1 FY25. However, the firm registered 39% year-on-year increase in revenue from Rs 873 crore in Q2 FY24. The company posted a net loss of Rs 495 crore during the September quarter.

Exclusive: Infra.Market raises Rs 150 Cr debt led by Yubi

EntrackrEntrackr · 1y ago
Exclusive: Infra.Market raises Rs 150 Cr debt led by Yubi
Medial

Infra.Market has secured Rs 150 crore (approximately $18 million) in debt financing over the past two months. The debt infusion for the Mumbai-based firm follows the $50 million equity round from the Mars Unicorn Fund — a joint venture of Liquidity Group and MUFG. The board at Infra.Market has approved a special resolution to issue non-convertible redeemable debentures to raise Rs 150 crore. Previously, the committee had approved a resolution to raise up to Rs 500 crore through debentures. The new infusion is the tranche of Rs 500 crore. Yubi has invested Rs 80 crore while Raymond Limited, IKF Home Finance, and Samunnati Financial participated with Rs 25 crore, Rs 25 crore, and Rs 20 crore, respectively. Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market sells construction materials, infrastructure goods, and technical equipment. It is targeting the growing 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 also exports to markets such as Dubai, Singapore, Jordan, and Italy, among others. To date, Infra.Market has raised around $520 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 own 16.87% and 8.46%, respectively, before this round. While the company is yet to file its annual statements for FY24, Infra.Market’s gross revenue rose 89% to Rs 11,846 crore in FY23. Tiger global-backed firm’s profit slipped 17% to Rs 155 crore in the same period (FY23). Infra.Market’s competition includes OfBusiness, Moglix and Zetwerk, among others. OfBusiness recorded nearly Rs 20,000 crore in revenue and Rs 603 crore profit in FY24. Entrackr exclusively reported the firm’s financial numbers on July 8. Meanwhile, Zetwerk and Moglix are yet to report last fiscal year (FY24) numbers.

Infra.Market files confidential DRHP with SEBI for Rs 5,000 Cr IPO

EntrackrEntrackr · 4m ago
Infra.Market files confidential DRHP with SEBI for Rs 5,000 Cr IPO
Medial

Infra.Market files confidential DRHP with SEBI for Rs 5,000 Cr IPO Building materials unicorn Infra.Market has filed a confidential Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 5,000 crore through an initial public offering (IPO), according to sources aware of the development. The proposed issue is expected to be a mix of fresh equity shares and offer-for-sale (OFS) by existing investors, in almost equal proportion. The Bengaluru-based firm has taken advantage of SEBI’s confidential filing mechanism, introduced last year, which allows companies to keep sensitive financial and strategic details under wraps until closer to listing. Infra.Market’s move comes just weeks after it raised $83 million in a Series G round led by Silverline Homes, with participation from Tiger Global, Accel, Nexus Ventures, NK Squared, and Evolvence India. Earlier in June, the Bengaluru-based company also secured $150 million in debt funding from Mars Growth Capital. On the financial front, Infra.Market reported a 23% year-on-year jump in revenue to Rs 14,530 crore in FY24, while its profit surged 2.4X to Rs 378 crore. The FY25 numbers are yet to be disclosed. The firm operates in a competitive space with OfBusiness, Zetwerk, and Moglix. OfBusiness clocked Rs 19,296 crore in revenue in FY24, while Zetwerk and Moglix posted Rs 14,436 crore and Rs 4,964 crore, respectively. By opting for the confidential filing route introduced by SEBI last year, Infra.Market joins the likes of PhonePe, Meesho, Shadowfax, PhysicsWallah, Groww, Shiprocket, boAt, and Aequs, which have kept their draft filings under wraps until closer to listing.

Ola Electric promoter pledges 2.43% stake to secure debt for Krutrim

EntrackrEntrackr · 5m ago
Ola Electric promoter pledges 2.43% stake to secure debt for Krutrim
Medial

Ola Electric promoter pledges 2.43% stake to secure debt for Krutrim Krutrim has raised approximately $75 million and joined the unicorn club in January 2024. Its investors include Z47 (formerly Matrix), the Sarin Family, and others. Ola Electric’s promoter has pledged 10.71 crore shares, or 2.43% of the company’s equity capital, to raise funds for Krutrim Data Centre, according to a stock exchange filing. The pledged shares account for 8.09% of the promoter’s holdings in the EV maker. The pledge, created in favour of Axis Trustee Services on behalf of Avendus, InCred, and India Credit Opportunities funds, replaces an earlier non-disposal undertaking (NDU) disclosed in December 2024 and March 2025. Ola said the NDU over these shares will be released once the pledge process is completed. The development comes months after the expiry of lock-in over a portion of promoter shares under SEBI’s listing rules. Krutrim has raised approximately $75 million and joined the unicorn club in January 2024. Its investors include Z47 (formerly Matrix), the Sarin Family, and others. Krutrim was reportedly in talks to raise $300 million in a new funding round. However, the company denied it officially. Last week, Krutrim laid off around 50 employees from its linguistics team in its third round of job cuts since June. In total, more than 200 employees have left the company so far this year, including leadership exits. Krutrim’s AI products, including Krutrim Cloud and its large language model offerings, have yet to gain traction due to technology gaps. Meanwhile, the firm is working on its largest language model, Krutrim 3, which will be a multibillion-parameter model. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever.

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