Infra.Market In Advanced Talks To Raise $150 Mn From Varde Partners

Infra.Market In Discussions To Raise $150 Mn From Varde Partners

SUMMARY

Infra.Market is likely to raise the capital via issuance of convertible instruments

The construction-focussed marketplace unicorn will reportedly use a part of the fresh funds to acquire a majority stake in Strata Geosystems (India) Pvt Ltd from US-Based Glen Raven Inc

Infra.Market’s net profit jumped 6X YoY to INR 185.9 Cr in FY22, while total revenue jumped 404% to INR 6,285 Cr

Construction-focussed marketplace unicorn Infra.Market is reportedly in advanced-level talks to raise about $150 Mn from US-based Varde Partners.

The startup is likely to raise the capital via issuance of convertible instruments, Moneycontrol reported citing sources.

Infra.Market was not immediately available to respond to Inc42’s query on the matter. The story will be updated on receiving a response from the startup.

The latest development comes almost a year after the company raised $50 Mn of growth capital from Liquidity Group’s MARS Unicorn Fund. Prior to that, Inc42 had reported about the startup raising a debt funding of $53 Mn from over 100 investors.

As per the publication, Infra.Market will use a part of the fresh funds to acquire a majority stake in Strata Geosystems (India) Pvt Ltd from US-Based Glen Raven Inc, which is a global fabric manufacturing and marketing company.

Infra.Market is reportedly also planning to come out with its initial public offering (IPO) in the next two years.

During its last fundraise in June 2022, the startup said it planned to use the funds to grow to newer global markets and increase presence across its product verticals, with a special focus in the chemical vertical.

However, Infra.Market has also been in controversies, like many other startups from the Indian startup ecosystem. In March last year, the Income Tax department conducted a search and seizure at Infra.Market for an alleged tax evasion probe of INR 1,500 Cr.

Founded in 2016 by Aaditya Sharda and Souvik Sengupta, Infra.Market is backed by marquee names such as Tiger Global, Nexus Venture Partners, Accel Partners, and Sistema Asia Fund, among others.

As per its website, Infra.Market is currently valued at $2.5 Bn. It works across building material product categories including cement, paint, chemicals, and steel and tiles. It has over 6,000 stock-keeping units (SKUs) and eight exclusive brand outlets. Infra.Market works with brands like UltraTech Cement, JCB, Honda, Godrej, Unilever, and more.

In FY22, the startup’s net profit jumped 6X to INR 185.9 Cr while its total revenue jumped 404% to INR 6,285 Cr.