Infra.Market has obtained debt financing totalling Rs 150 crore, or roughly $18 million, during the last two months. The debt infusion for the Mumbai-based company comes after an equity round of $50 million from the Mars Unicorn Fund, a joint venture between MUFG and Liquidity Group.
In order to raise Rs 150 crore, the board of Infra.Market has approved a special resolution to issue non-convertible redeemable debentures. A resolution to raise up to Rs 500 crore through debentures had previously been approved by the committee. The 500-crore rupee tranche represents the new infusion.
In addition to Raymond Limited, IKF Home Finance, and Samunnati Financial, who contributed Rs 25 crore, Rs 20 crore, and Rs 80 crore, respectively, Yubi has also invested Rs 80 crore.
Infra.Market is a 2016 startup that offers infrastructure products, technical equipment, and building materials. It was founded by Souvik Sengupta and Aaditya Sharda. With a particular emphasis on the infrastructure sector, it is aimed at the expanding market for construction materials.
The company provides construction materials to retail outlets (D2R) and institutional customers (B2B). According to the company, it exports to markets like Dubai, Singapore, Jordan, and Italy in addition to supplying all sixteen states in India.
Around $520 million has been raised by Infra.Market so far through debt and equity. Tiger Global, with 21.33%, was the largest external stakeholder prior to this round, followed by Accel and Nexus Ventures, with 16.87% and 8.46%, respectively, according to the media.
Infra.Market’s gross revenue increased by 89% to Rs 11,846 crore in FY23, but the company has not yet submitted its annual statements for FY24. Over the same period (FY23), the profit of the Tiger Global-backed company decreased by 17% to Rs 155 crore.
Among the rivals of Infra.Market are Zetwerk, OfBusiness, and Moglix. In FY24, OfBusiness brought in almost Rs 20,000 crore and made Rs 603 crore in profit.
