IPO-bound construction materials marketplace Infra.Market has made a big move in the ceramic tile space by acquiring a majority stake in Metro Group, a leading tile manufacturer, through an INR 200 crore share swap deal.
Infra.Market acquires Metro Group to speed up its inorganic growth strategy to consolidate its presence in high-margin tiles, become a top player in India’s growing ceramics market. This follows Infra.Market’s 2023 acquisition of a 57% stake in Emcer Tiles, which added to its tile portfolio that already includes Millennium Tiles.
With this acquisition, Infra.Market gets significant manufacturing muscle, enhances its capacity in Morbi—India’s ceramics hub, where it now has over 16 tile factories with a combined capacity of 60 million sqm per annum. The deal is a focused bet on India’s housing and infrastructure boom and aligns with IPO plans for FY26.
Metro Group Acquisition: Strengthening the Core
According to co-founder Souvik Sengupta, Infra.Market will double down on core, high-margin categories—tiles, ready-mix concrete and AAC (Autoclaved Aerated Concrete) blocks. The company is already India’s largest in all three segments, with 260+ manufacturing units, including 200+ concrete-focused plants with a capacity of 20 million cubic meters per annum.
Sengupta said in a recent interview that the acquisition of Metro Group was strategic to scale domestic and export operations, with a clear focus on retaining India-based manufacturing and expanding global distribution, especially to US, Europe and Middle East.
Financial Strength and IPO Readiness
Despite concerns raised by India Ratings, which in May downgraded Infra.Market’s rating to BBB+ with a Negative Outlook over liquidity and refinancing risks, the company has demonstrated robust financial performance:
- FY24 Revenue: INR 14,743.5 Cr (↑ 23.9% YoY)
- FY24 Net Profit: INR 378 Cr (↑ 144% YoY)
- EBITDA Margin Improvement: From 7.5% to 8.7%
While Infra.Market had INR 75.1 Cr in cash and equivalents as of FY24, it raised over USD 170 million (~INR 1,457 crore) in 2025 alone, including:
- USD 121 million equity from Tiger Global, Evolvence, Foundamental
- USD 150 Mn structured debt from Mars Growth Capital, a JV between MUFG and Liquidity Group, including a fresh USD 50 million infusion in July
- USD 126 Mn pre-IPO round in January, placing its post-money valuation at ~USD 2.8 billion (~INR 23,990 crore)
Infra.Market IPO Preparation in Full Swing
Infra.Market is preparing to file its DRHP for IPO. It has partnered with top merchant banks:
- Kotak Mahindra Capital
- Goldman Sachs
- Jefferies
- ICICI Securities
- HSBC
- Motilal Oswal
- Nuvama Wealth
Going public in Q3 or Q4 FY26, subject to market and regulatory conditions.
Strategy and Positioning
Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market is a full-stack construction materials platform offering concrete, tiles, paints, steel, electricals and more across B2B, retail and B2C channels. Now it is:
- #2 in revenue in India’s ready-mix concrete segment
- Top 3 by capacity in tiles and AAC blocks
Clients include big infrastructure projects like Mumbai Metro, India’s Bullet Train, Foxconn’s Apple plant, Kempegowda Airport with a retail footprint of 10,000+ touchpoints and 30+ flagship stores.
Despite concerns around its overseas unit’s receivables and short-term cash flow pressures, analysts say the company’s strong revenue growth, operational scale and investor confidence make it a strong candidate for a successful IPO.
Conclusion
Infra.Market’s acquisition of Metro Group is a strategic pivot— vertical consolidation in the ceramics segment and a manufacturing-first, export-ready business model. With a solid backer base, healthy funding runway and diversified product line, the company is all set to become a big player not just in India’s construction tech space but also in global industrial commerce.
As the IPO countdown begins, Infra.Market’s latest acquisition says it all— it’s not just laying the foundation—it’s building the future of materials commerce.
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