Mumbai-based B2B construction materials unicorn Infra.Market is gearing up for a big public offering, aiming to raise up to USD 1 billion (~INR 8,584 crore) around Diwali 2025. As per some industry reports, the company will file its Draft Red Herring Prospectus (DRHP) by June 2025 and Infra.Market IPO will largely be a fresh issue.
Founded in 2016 by Aaditya Sharda and Souvik Sengupta, Infra.Market has become India’s largest B2B construction materials marketplace and one of the few profitable startups in the new-age tech ecosystem.
IPO Size, Valuation, and Key Investors
Infra.Market is looking to value itself in the range of USD 4 – 5 billion (~INR 34,338 –42,922 crore) for the IPO. While the company is said to be targeting the upper end of this range, the final pricing will depend on investor appetite and market conditions at the time of listing.
Earlier reports had suggested an IPO size of USD 500-700 million (~INR 4,292 – 6,009 crore), but the current plan is to raise to USD 1 billion (~INR 8,584 crore), which indicates growing confidence from investors and the company’s financial performance.
Infra.Market’s last valuation was USD 2.8 billion (~INR 24,036 crore) in its INR 1,050 crore pre-IPO fundraise in January 2025.
The company has a strong list of institutional and strategic investors including:
- Tiger Global – 21.3% stake
- Accel – 16.9%
- Sistema, Evolvence, Trifecta, Alteria, Innoven Capital
- Capri Global, Nuvama, Nexus, MARS Unicorn Fund
- Prominent individuals – Nikhil Kamath, Anmol Bhansali
Founders Aaditya Sharda and Souvik Sengupta retain a combined 31.7% stake in the company.
A robust consortium of bankers has been appointed to lead the IPO, including Kotak Mahindra Capital, IIFL, HSBC, Goldman Sachs, ICICI Securities, Motilal Oswal, and Nuvama.
Financials Performance – FY 2024
Infra.Market has showcased strong top-line and bottom-line growth, strengthening its case for public listing.
Infra.Market Financial (Standalone) – FY 2024
- Revenue: INR 14,530 crore
- Profit After Tax (PAT): INR 378 crore
RDC Concrete: A Profitable Subsidiary Set for Its IPO
Infra.Market’s wholly-owned subsidiary RDC Concrete, India’s largest standalone Ready-Mix Concrete (RMC) manufacturer, is also gearing up for a public offering.
Currently operating around 125 RMC plants across India, RDC Concrete is expected to launch its IPO in 2025 at a projected valuation of INR 3,500 crore.
In FY24, RDC reported:
- Revenue: INR 2,030 crore
- EBITDA: INR 146 crore
- PAT: Approximately INR 50 crore
Ahead of its IPO, RDC Concrete raised USD 20 million (~INR 172 crore) in a pre-IPO round in early 2024, with participation from:
- Nikhil Kamath
- Capri Global Family Office
- Sumeet Kanwar
- Wear Steels
Six months before this round, Infra.Market sold a 10% stake in RDC Concrete to investor Ashish Kacholia for USD 20 million (~INR 172 crore), valuing the subsidiary at USD 225 million (~INR 1,932 crore).
Conclusion
Infra.Market’s IPO comes at a time when India’s public markets are showing renewed enthusiasm for profitable tech startups. With a sharp focus on profitability, a dominant market position, and robust investor backing, Infra.Market’s USD 1 billion (~INR 8,584 crore) IPO could be one of the largest startup listings in India this year.
As the company prepares to file its DRHP by June 2025 and eyes a Diwali listing, all eyes will be on how markets respond to this highly anticipated debut and the ripple effect it may have on India’s broader startup IPO pipeline. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.