Investors including Zerodha cofounder Nikhil Kamath, Capri Global Family Office, Sumeet Kanwar from Verity have invested in RDC
The company sold a 10% stake in RDC Concrete to public market investors, led by Ashish Kacholia for about $20 Mn, in November last year
Infra.Market recently raised $50 Mn from Liquidity Group and Mitsubishi UFJ Financial Group’s MARS Unicorn Fund
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Construction marketplace unicorn Infra.Market has now divested another minority stake in its subsidiary RDC Concrete for $20 Mn.
The investors to have bought the stake include Zerodha cofounder Nikhil Kamath, Capri Global Family Office, Sumeet Kanwar from Verity and Abhijeet Pai-led Wear Steels.
The development comes months after it sold a 10% stake in RDC Concrete to public market investors, led by ace investor Ashish Kacholia for about $20 Mn, in November last year.
Back in December last year, Infra.Market said in a statement that it was planning for an initial public offering (IPO) of its subsidiary RDC soon.
RDC is a concrete mix manufacturer Infra.Market acquired in 2021, and currently has over 100 plants across 48 cities.
Kamath said, “RDC has made remarkable progress in transforming the construction landscape in India with their readymix concrete. It is less polluting, expedites construction timelines, and significantly reduces waste and expense. By adopting cutting-edge, new-age technologies in concrete, RDC is setting a benchmark in the industry.”
“We are actively seeking companies who ensure that India’s growth and environmental sustainability progress hand in hand. Robust infrastructure is the backbone of a thriving nation, and investing in it is crucial for long-term prosperity,” added Kamath.
Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market manufactures construction materials under its private-label brands. Equipped with over 10K retail touchpoints and over 30 showrooms, Infra.Market supplies all its products under its own brand names – Infra.Market, IVAS, Shalimar Paints, and RDC. The startup services both B2B and B2C needs of the industry.
Sengupta said, “The investments in RDC by marquee investors is a testament to the team at RDC which has been at the forefront of an astonishing journey in building a category-defining building material company.”
Infra.Market recently raised $50 Mn (INR 390 Cr) from Liquidity Group and Mitsubishi UFJ Financial Group’s MARS Unicorn Fund. It has plans to deploy the fresh proceeds towards expansion to newer global markets, along with increasing its presence across product verticals.
Currently, the company claims to export its products to Dubai, Singapore, and Italy, among other countries.
In FY23, Infra.Market’s sales crossed the INR 11,000 Cr mark, increasing 90% year-on-year. However, its net profit declined 17% YoY to INR 155.2 Cr.
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