By Startup Story Team
Construction‑materials marketplace Infra.Market has secured an additional $50 million in debt financing from Mars Growth Capital, a joint‑venture between MUFG Bank and Liquidity Group. This latest infusion brings their total backing from the lender to a substantial $150 million.
Strengthened Partnership with Mars Growth Capital:
Mars Growth Capital has not only extended the original $100 million facility-initially due in 2025-by an added five years, but also topped it up with a fresh $50 million tranche . The initial funds were largely channelled into the manufacturing of paints and tiles, while the new capital is earmarked for concrete and AAC block production.
Funding Used to Fuel Expansion:
According to a Mumbai‑based ET Tech report, Infra.Market plans to deploy this financing to bolster expansion across its core product categories-concrete, AAC blocks, and MDF, while simultaneously stepping up its technological investments and forging into new global markets.
Broad Product Portfolio & Distributed Network:
Since its founding in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market has diversified its offerings into over 15 product categories, including concrete, steel, pipes, plywood, fans, lights, as well as kitchens and electrical appliances. The company now operates a robust ecosystem:
- 250+ manufacturing units
- 10,000 retail touchpoints across India
- Among top‑3 capacity leaders in India for AAC blocks and tiles, and second-largest in ready-mix concrete.
Strong Revenue & Profit Growth:
In FY 25, Infra.Market’s EBITDA jumped 45% to ₹1,596 crore, with margins expanding from 7.5% to 8.7%. Profit after tax stood at ₹492 crore, up from ₹378 crore in FY 24. The company’s FY 24 revenue was around ₹14,530 crore, up from ₹11,846 crore in FY 23.
Credit Downgrade Amid Liquidity Pressure:
However, India Ratings downgraded Infra.Market’s credit from A-/Negative to BBB+/Negative, citing debt refinancing challenges, liquidity concerns, and negative operational cash flows in FY 25.
IPO Aims: ₹2,500 Crore in FY 26:
Infra.Market is on track to file its Draft Red Herring Prospectus (DRHP) by September, aiming for an IPO in Q3 or Q4 FY 26. The company plans to raise about ₹2,500 crore, having already roped in merchant bankers and legal advisors.
Strategic Vision & Market Presence:
Founder Souvik Sengupta stated, “We continue to build on our vision of creating India’s largest building‑materials platform … globally,” while highlighting expansion plans in lifestyle categories such as mattresses, curtains, home décor, through their lifestyle brand Ivas. The firm is also eyeing international markets, servicing over 10 countries and exporting more than 25% of its revenue.
Positioning in a ₹255 Billion Market:
Infra.Market is targeting India’s ₹255 billion building‑materials market and supplying both institutional clients and retail outlets. Nearly 40% of its business is linked to government infrastructure projects, through EPC partners like L&T.
With a firm financial and operational footing, Infra.Market aims to leverage the fresh debt capital to scale its manufacturing footprint, deepen its product catalogue, enhance tech-driven efficiency, and ready itself for a strong debut on the public markets later this fiscal.
