IPO-bound building materials platform InfraMarket is raising INR 731.58 Cr (around $83 Mn) from its promoter group entity Silverline Homes Private Limited, Nikhil Kamath’s NK Squared, Tiger Global, Accel, Nexus, among others.

According to the startup’s regulatory filing, the Series G funding will be raised at a valuation of $2.8 Bn, unchanged from its previous round.

The funding comes almost eight months after the startup bagged INR 1,050 Cr ($121 Mn) in its Series F round from Tiger Global, Evolvence, Foundamental GmbH, Nikhil Kamath, and Capri Global.

The fundraise also comes as the startup gears up for $500 Mn to $700 Mn IPO. Sources told Inc42 that Infra.Market is looking to file its DRHP next month.

A questionnaire sent to Infra.Market didn’t elicit any response till the time of publishing this story.

In July this year, the startup picked up a majority stake in Metro Group, a ceramic tiles manufacturing company, in a share swap deal worth INR 200 Cr. Back then, sources told Inc42 that the move was aimed at the unicorn strengthening its foothold in the tile industry.

Prior to this, Infra.Market acquired a 57% stake in Emcer Tiles.

It is pertinent to note that the startup has been on an acquisition spree for years now to broaden its offering. It acquired RDC Concrete for INR 730 Cr in 2021, followed by a stake acquisition in Shalimar Paints in 2022.

Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market is a marketplace for construction materials. It also manufactures construction materials under its private label brands. It sells through its B2B, retail and B2C networks and leverages technology to digitise the procurement process.

Its product portfolio includes ready-mix concrete, tiles and paints under brands like RDC Concrete, Million Tiles and Shalimar Paints. The startup has raised a total funding of about $700 Mn to date.

On the financial front, Infra.Market’s FY24 net profit jumped 144% to INR 378 Cr from INR 155 Cr in FY23. Revenue grew 23% YoY to INR 14,530 Cr in FY24. Over 80% of its overall revenue comes from its B2B offerings.

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