Highlights
Infra.Market Secures Rs 1,049 Crore in Series F Funding
The building materials platform, Infra.Market, is set to raise Rs 1,049 crore (approximately $125 million) through its Series F funding round. This comes after the completion of the concluding tranche of its Series E round in September 2024.
In a recent regulatory filing obtained from the Registrar of Companies, Infra.Market’s board has approved a special resolution to issue 49,149 compulsory convertible preference shares priced at Rs 2,13,439 each to amass the Rs 1,049 crore ($125 million).
Funding Structure
The Rs 1,049 crore Series F funding round is positioned as a pre-IPO manoeuvre, organised into two distinct tranches:
- First Tranche: Rs 498 crore (Series F)
- Second Tranche: Rs 551 crore (Series F1)
First Tranche Details
According to the filings, the initial tranche of Rs 498 crore ($60 million) is spearheaded by Tiger Global, which has contributed Rs 211 crore. Additional investments come from Evolvence Group and Fundamental Fund, contributing Rs 168 crore and Rs 119 crore, respectively.
This investment is notable for existing investor Tiger Global, particularly given its limited activity recently. To illustrate, Tiger Global made only two investments in 2024: Wiz Freight and Jupiter’s NBFC operations, both as an existing investor.
Anticipated Second Tranche
The second tranche of Rs 551 crore is still pending completion. Several investors are expected to participate, including:
- Capri Global
- Eudora Ventures
- Kangaro Industries
- SVV Limited
- Premratan Exports
- Verity Knowledge
Individual investors such as Ashish Kacholia, Nikhil Kamath, Abhijit Pai, Sumeet Kanwar, Nuvama, Dimpy Kanwar, and Sapna Vig are also anticipated to join. Furthermore, Tiger Global, Evolvence, and Fundamental Fund may additionally invest in this tranche.
Company Valuation
Estimates by Startup Superb suggest that Infra.Market has reached a valuation of approximately Rs 24,000 crore or $2.8 billion post-allotment.
Product Offering
Infra.Market’s platform provides a comprehensive array of building material products, including:
- Structural Products: Concrete, Steel, Construction Chemicals
- Finishing Products: AAC blocks, MDF, Plywood, Pipes and Fittings
- Lifestyle Products: Tiles, Sanitaryware, Laminates, Paints, Fans, Lights, Appliances, Modular Kitchens, Consumer Durables
Financial Performance
The company generates revenue through the sale of these diverse products. In FY24, Infra.Market reported consolidated gross revenue of Rs 14,530 crore, up from Rs 11,847 crore in FY23. Additionally, the firm experienced a significant profit increase, with a 2.4 times rise, reaching Rs 378 crore in the last fiscal year.
