By Ajay Rag
Copyright indiatimes
Infra.Market, an online marketplace for construction materials, has raised Rs 731.5 crore from promoters and existing shareholders as it prepares for a planned stock market debut.Founders Aaditya Sharda and Souvik Sengupta have infused Rs 250 crore into the Mumbai-based company through promoter entity Silverline Homes Private Limited.Zerodha cofounder Nikhil Kamath’s NK Squared has invested about Rs 200 crore, according to the company’s filing with the Ministry of Corporate Affairs.Other existing investors participating in the round include Tiger Global, Accel India, Evolvence India Fund and Nexus Ventures.In January, Infra.Market had raised about Rs 1,050 crore from backers such as Tiger Global, Evolvence, Foundamental GmbH, Kamath and Capri Global.Founded in 2016 by Sengupta and Sharda, the company supplies building materials, including concrete, steel, pipes and fittings, plywood, fans, lights and kitchen and electrical appliances to procurement teams at real estate developers, contractors and architects.Responding to an ET query, Infra.Market said it is in the process of filing its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi), though it did not provide exact timelines due to regulatory requirements. The company has already appointed merchant bankers for the issue.Earlier this year, India Ratings downgraded the company’s rating from A-/Negative Outlook to BBB+/Negative Outlook, citing concerns around debt refinancing, liquidity pressure and negative operating cash flow in FY25.
