Bengaluru-based construction goods and services platform Infra.Market has raised Rs 150 crore (approximately $18 million) in its Series E2 funding round, just three months after announcing $50 million from the Mars Fund. The company’s board has passed a resolution to issue 7,028 Series E2 preference shares at an issue price of Rs 213,438.7 each to raise the additional funds.
The fresh infusion brings the total amount of funding secured by the Tiger Global-backed company to Rs 236.3 crore. The company has already received Rs 76.3 crores from the new funding, with Amit Vijaysinh Barad and Barad Sanjay Amarsinh investing Rs 45 crores together, while the remaining funds were contributed by various individual shareholders.
Importantly, Infra.Market has also secured Rs 75 crore ($9 million) in debt funding from Innoven Capital as part of its existing debt round. The company had closed a similar debt round of Rs 150 crore from Yubi in July.
The new funding is seen as part of a larger $150-200 million round that the company is eyeing. Infra.Market is also preparing for an initial public offering (IPO) and may file its draft red herring prospectus (DRHP) soon.
The company has raised around $540 million across equity and debt to date. According to TheKredible estimates, the company has been valued at around $2.6 billion post-allotment.
Infra.Market was founded by Souvik Sengupta and Aaditya Sharda in 2016 and sells construction materials, infrastructure goods, and technical equipment. It targets the growing construction materials market, with a strong focus on the infrastructure sector.
While the company is yet to file its annual statements for FY24, Infra.Market’s gross revenue rose 89% to Rs 11,846 crore in FY23, while its profit slipped 17% to Rs 155 crore in the same period.
The company competes with other players such as OfBusiness, Moglix, and Zetwerk, MetalBook, among others. Notably, OfBusiness is also eyeing to get listed on stock exchanges in the next fiscal year (FY26).