Infra.Market, a platform for construction goods and services, has raised ₹150 crore (around $18 million) in its Series E2 funding round, just three months after securing a $50 million investment from Mars Fund.
Additionally, the company raised ₹75 crore ($9 million) in debt from Innoven Capital, bringing the total funding to $27 million. The latest investment values the company at around $2.6 billion.
Regulatory filings reveal that Infra.Market issued 7,028 Series E2 preference shares at ₹213,438.7 each, with ₹76.3 crore already received. Investors Amit Vijaysinh Barad and Barad Sanjay Amarsinh contributed ₹45 crore, while the rest came from other shareholders.
Earlier in July, Infra.Market also closed a debt round of ₹150 crore through Yubi as it prepares for an IPO. The company is reportedly eyeing a larger funding round of $150-200 million and may file its draft red herring prospectus (DRHP) soon.
According to TheKredible estimates, the company has raised around $540 million across equity and debt to date. Tiger Global remains the largest external stakeholder, followed by Accel and Nexus Ventures.
Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market offers an extensive selection of construction materials, infrastructure products, and technical equipment, targeting the growing construction materials market with a strong focus on the infrastructure sector.
Financially, Infra.Market has shown substantial growth, with gross revenue increasing by 89% to ₹11,846 crore in FY23. However, its profits fell by 17%, down to ₹155 crore in the same period.
The company is eyeing an initial public offering (IPO) and may file its draft red herring prospectus (DRHP) soon. Infra.Market competes with other startups such as OfBusiness, Moglix, Zetwerk, and MetalBook, with OfBusiness also planning an IPO by FY26.
