India’s fastest-growing construction materials platform, Infra.Market raised an additional USD 50 million (~INR 427 crore) in debt financing from Mars Growth Capital. This is the company’s second big fundraise in 2025, after an INR 125 million (~INR 1,070 crore) equity round in January led by existing investors like Tiger Global, Foundamental, Evolvence, Ashish Kacholia and Nikhil Kamath. The equity round valued the company at USD 2.7–2.8 billion (~INR 23,950 crore).
Infra.Market Funding Details and Allocation
Infra.Market debt funding of USD 50 million will be deployed towards the high-margin segments: RMC, AAC blocks and tiles. These are the company’s growth drivers as it looks to strengthen its leadership in India’s fragmented and high-potential building materials industry.
The USD 100 million (~INR 855 crore) debt raised in 2022 was largely used to enter paints and tiles. This new tranche will be used to scale existing capacities, expand geography and further vertical integration in the construction value chain.
Mars Growth Capital, a joint venture between Japan’s MUFG Bank and AI-driven private credit firm Liquidity Group, provides non-dilutive financing to mid and late-stage startups globally. This is Infra.Market’s largest commitment in the Indian industrial-tech space.
Infra. Market IPO Plans
The funding comes as Infra.Market prepares for its IPO, with plans to file its DRHP by September 2025. The company has appointed a strong team of investment bankers including Kotak Mahindra Capital, Goldman Sachs, Jefferies, IIFL, ICICI Securities, HSBC, Motilal Oswal and Nuvama to lead the process. Infra.Market IPO could be in the range of INR 2,500-5,000 crore, depending on timing and valuation. Primary capital raise for growth and secondary exit for existing investors and venture debt holders like Innoven Capital, Strides Ventures and Trifecta Capital.
Financial Performance and Industry Standing
Infra.Market, founded in 2016 by Souvik Sengupta and Aaditya Sharda, has seen tremendous growth in FY24. Revenue grew 23% YoY to INR 14,530 crore, from INR 11,847 crore in FY23. Profit after tax more than doubled to INR 378 crore, from INR 155 crore in the previous year.
EBITDA for FY25 (projected) is INR 1,596 crore, with margins improving to 8.7% from 7.5% in FY24. As per company filings, around 40% of revenue is linked to government infrastructure projects, although Infra.Market sells indirectly through EPC firms like L&T.
The company claims to be
- #2 by revenue in India’s RMC segment (after Ultratech),
- #1 in AAC block capacity,
- #2 in tiles manufacturing capacity.
It has over 250 manufacturing partnerships and 10,000+ retail touchpoints across the country. Infra.Market serves both institutional (B2B) clients and retail outlets (B2R) and recently focused on B2C and lifestyle products under its home-improvement brand Ivas, which includes bath fittings, home appliances and décor.
Challenges and Ratings Outlook
Despite the strong numbers, Infra.Market’s credit rating has been under pressure. In May, India Ratings downgraded the company’s credit outlook to BBB+/Negative (from A-/Negative), citing liquidity, debt refinancing and negative cash flow from operations in FY25.
But Mars Growth Capital’s continued backing—backed by a significant top-up and term extension—shows the company’s fundamentals are strong and the IPO story is intact.
Strategic Backing and Industry Context
Infra.Market is part of a new wave of industrial commerce platforms that are disrupting traditional infrastructure supply chains using technology, data analytics and full-stack solutions. Its competitors are OfBusiness, Zetwerk, Moglix, and JSW One, many of whom are also planning to list in the next few quarters.
Since inception, Infra.Market has raised over USD 800 million (~INR 6,840 crore) from a marquee investor base that includes Accel, Nexus Venture Partners, Tiger Global, Evolvence and Foundamental.
The company also has strategic stakes in RDC Concrete, Shalimar Paints, Millennium Tiles, Emcer and Amstrad to expand product lines and distribution channels fast.
Conclusion
Infra.Market debt funding is a vote of confidence in the company’s financials ahead of what could be one of the biggest IPOs in India’s industrial-tech space. With a strong balance sheet, growing profitability, strategic investor backing and a leadership position in key building materials segments, Infra.Market is all set to become a global construction solutions company out of India.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.