Infra.Market Secures $50 Million Investment from MARS Unicorn Fund

Infra.Market, a leading online platform for construction materials, has secured $50 million in fresh funding from MARS Unicorn Fund, a joint venture between Liquidity Group and MUFG. This investment strengthens the existing partnership between Infra.Market and MARS, bringing their total investment to $100 million.

Building on Previous Success

The recent funding follows a $50 million investment from MARS Unicorn Fund in 2022. While the company refrained from disclosing its current valuation, Infra.Market was previously valued at $2.5 billion during an equity round in August 2021.

Market Focus and Reach

Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market caters to the vast $140 billion construction materials market, with a particular emphasis on the infrastructure sector. The company serves both institutional clients (businesses) and retail outlets, offering a comprehensive range of construction materials, infrastructure goods, and technical equipment. Their reach extends across 16 states in India, with exports to Dubai, Singapore, Jordan, and Italy, among others.

Strategic Divestment and Portfolio

In 2023, Infra.Market underwent a strategic divestment, selling 10% of its stake in RDC Concrete to investors led by Ashish Kacholia for $20 million. Notably, Infra.Market had acquired RDC Concrete for $90 million in September 2021. The company maintains majority ownership in Strata Geosystems, Equiphunt, and Halonix, further solidifying its position within the construction materials landscape.

Financial Standing and Investor Landscape

Including the recent investment, Infra.Market has secured approximately $500 million through a combination of equity and debt financing. According to TheKredible, a startup intelligence platform, Tiger Global held the largest external stake at 21.33% prior to this funding round. Accel and Nexus Ventures followed closely behind with ownership percentages of 16.87% and 8.46%, respectively.

Profitable Growth Despite Market Challenges

Infra.Market stands out as a unique unicorn in India. The company achieved remarkable growth, experiencing a nine-fold increase in gross revenue between FY21 and FY23. As per TheKredible’s data, gross revenue surged from Rs 1,240 crore in FY21 to Rs 11,846 crore in FY23. While maintaining profitability, the company’s net profit witnessed a 17% decline, dropping from Rs 187 crore in FY22 to Rs 155 crore in FY23.

Competitive Landscape

Infra.Market competes with other prominent players in the construction materials sector, including Zetwerk, OfBusiness, and Moglix.