Exclusive: Infra.Market Bags $30 Mn In Debt From Sachin Bansal’s NAVI Finserv, Others

Construction-focused marketplace Infra.Market has raised $30 Mn in a debt funding round. 

The startup’s board has approved for allotment of 2,250 non-convertible debentures to eligible investors in or more series on a private placement basis. 

The debt funding round was led by Sachin Bansal’s NAVI Finserv, in participation with Vivriti Capital, IFK Finance, Meesho’s Vidit Aatrey, Incred Wealth, Credavenue, Sanjeev Kumar, among others.

The offer will further include a greenshoe option to retain oversubscription of up to $16.6 Mn (INR 125 Cr) on a private placement basis by the startup to certain debenture holders. 

The development comes almost a month after Inc42 exclusively reported about Infra.Market’s $53 Mn in debt funding. The debt round was led by Avendus Capital with the participation of over 100 investors. 

The round also saw participation from Mindhouse founders Pankaj Chaddah & Pooja Khanna, Anupama Dalmia & Gautam Dalmia, Goenka Realtors, Yukti Securities, Connaught Plaza Restaurant and Kritagyata Trust.

With the latest capital infusion, Infra Market has raised $83 Mn in debt in the past two months. 

In August last year, Infra.Market was valued at $2.5 Bn after it had raised $125 Mn in a Series D funding round from US-based hedge fund Tiger Global. 

The startup was the third Indian startup to have entered the unicorn club in 2021. Its valuation crossed $1 Bn in February after it raised $100 Mn from Tiger Global, Accel Partners, Nexus Venture Partners, Evolvence India Fund, Sistema Asia Fund, among others. 

Founded in 2016 by Aaditya Sharda and Souvik Sengupta, Infra.Market is a B2B online procurement marketplace for real estate and construction material that leverages technology to offer fair pricing and a smoother procurement experience for its customers.

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