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    Infra.Market raises Rs 732 crore from promoters, existing investors

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    By Ajay Rag

    Copyright indiatimes

    Infra.Market raises Rs 732 crore from promoters, existing investors

    Infra.Market, an online marketplace for construction materials, has raised nearly Rs 732 crore from promoters and existing shareholders, valuing the company at around $2.8 billion, as it prepares for an initial public offering.Founders Aaditya Sharda and Souvik Sengupta infused Rs 250 crore through promoter entity Silverline Homes Pvt Ltd, while Zerodha cofounder Nikhil Kamath’s NK Squared invested about Rs 200 crore, according to the company’s filing with the Ministry of Corporate Affairs.Other existing investors who participated are Tiger Global with an investment of Rs 176 crore, and Accel India and Evolvence India Fund, which put in Rs 44 crore each. Nexus Ventures contributed Rs 17.6 crore. This is expected to be the last private fundraising before the company files its draft IPO papers.Responding to an ET query last week, Infra.Market said the company is in the process of filing its draft red herring prospectus with the Securities and Exchange Board of India, though it did not provide exact timelines due to regulatory strictures. The company has already appointed merchant bankers for the issue.Founded in 2016 by Sengupta and Sharda, the company supplies building materials, including concrete, steel, pipes and fittings, plywood, fans, lights, kitchen and electrical appliances to real estate developers, contractors and architects.The company raised $50 million of debt in June from Mars Growth Capital, a joint venture between MUFG Bank and private credit firm Liquidity Group, to support expansion and strengthen its presence across product categories. The startup has borrowed $150 million in total from Mars Growth Capital.In January, the company raised about Rs 1,050 crore in equity funding from backers including Tiger Global, Evolvence India Fund, Foundamental GmbH, Kamath and Capri Global.Earlier this year, India Ratings downgraded the company’s rating from ‘A-‘ to ‘BBB+’ with a ‘Negative’ outlook, citing concerns around debt refinancing, liquidity pressure, and negative operating cash flow in FY25.

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