The construction unicorn has netted an additional funding round from Liquidity Group and Mitsubishi UFJ Financial Group’s MARS Unicorn Fund
This takes the fund’s investment in the company to $100 Mn
The company plans to deploy the proceeds to bolster its expansion plans to newer global markets, along with increasing its presence across product verticals
Construction unicorn Infra.Market
has raised $50 Mn (INR 390 Cr) in an additional funding round from Liquidity Group and Mitsubishi UFJ Financial Group’s MARS Unicorn Fund.
This takes the fund’s investment in the company to $100 Mn, adding on to the $50 Mn it poured into the company back in June 2022.
The company plans to deploy the proceeds to bolster its expansion plans to newer global markets, along with increasing its presence across product verticals. As of now, the company claims to export its products to Dubai, Singapore, Italy and more.
“We are seeing growth opportunities as we are rapidly expanding our product portfolio and market presence, and the launch of new verticals will help us seed newer markets and create a best in class construction materials company out of India,” said Infra.Market’s founder Souvik Sengupta.
The development comes about three months after Inc42 reported that the company is eyeing to raise a debt of $60 Mn in multiple tranches over the coming months.
Besides, the company also secured a $12 Mn debt from SK Finance in January.
Founded in 2016 by Sengupta and Aaditya Sharda, Infra.Market manufactures construction materials under its private-label brands. It has a B2B, retail and B2C network and leverages technology to digitise the procurement process.
Infra.Market operates brands like IVAS, Shalimar Paints and RDC, through which it sells building material like concrete, AAC Blocks, steel, pipes and fittings, MDF, plywood, laminates, tiles, bath fittings and sanitary, among others.
The company said that the funding comes amid an increased allocation for infrastructure projects under the National Infrastructure Pipeline (NIP). Planned projects under the NIP are scheduled to surpass $2 Tn over the next few years.
For financial year 2022-23 (FY23), the unicorn reported an operating revenue of INR 11,846.5 Cr, an increase of 90% from FY22’s INR 6,236.3 Cr. Despite the increase in operating revenue, the startup’s net profit declined 17% to INR 155.2 Cr from INR 185.9 Cr in the previous fiscal year as its depreciation and amortisation expenses rose over 5X to INR 178.7 Cr.
