Infra. market is a construction startup that secured $18 million in debt funding rounds over the last two months. The startup raised $50 million from MARS Unicorn Fund in an equity funding round. The company offers construction, technical equipment, and building materials. The startup plans to use this fresh capital to improve its services, enhance its platform, expand in the market, and scale its operations. Here we are talking about Infra.market raised $18 million in its debt funding round led by CredAvenue and others.
The board has approved a special resolution to allot non-convertible redeemable debentures at a certain issue price to raise $18 million. According to the company filing, the startup will use these fresh proceeds to scale its operations, meet working capital purposes, and expand the market. The company previously passed a resolution to raise Rs 500 crore, and this round is the tranche of that deal.
CredAvenue invested around Rs 80 crore in this debt funding round, followed by IKF Home Finance and Raymond Limited, which each invested Rs 25 crore. Meanwhile, Samunnati Financial invested Rs 20 crore. The firm was founded by Aadity Sharda and Souvik Sengupta in 2016 to offer construction-related products for the infrastructure sector. This is one of the only construction startups in India that managed to remain profitable and report a nine-time increase in scale from FY21 to FY23.
The startup offers both B2B and D2R outlets in the construction material sectors. The company claims to offer its services across 16 states in India while exporting its materials globally to other countries, including Italy, Singapore, Dubai, Jordan, and more. The startup data intelligence, credible, mentioned that the largest external stakeholder of the startup is Tiger Global, with a 21.33 percent stake, followed by Accel, with 16.87 percent, while Nexus Ventures accounts for 8.46 percent of the total stake. This investment shows the investors’ trust in Infra. Market’s business model and market potential.
The company announced an 89 percent increase in its gross revenue to Rs 11,846 crore in FY23. However, the profit declined to Rs 155 crore by 17 percent in the same duration. This Mumbai-based startup has secured a $520 million fund raised to date from all its debt and equity funding rounds. The company aims to revolutionize the construction materials supply chain market locally and globally.
Infra. market faces competition from other companies in this market, such as Moglix, OfBusiness, Zetwerk, and More.
Conclusion
An Indian construction startup, Infra. Market raised $18 million in its debt funding round from CredAvenue, IKF Home Finance, Raymond Limited, and Samunnati Financial. The startup offers construction materials, technical equipment, and other services for construction purposes. The company claims to supply its materials across 16 states across India and export them to other countries, including Singapore, Dubai, Italy, and Jordan. The board at the company passed a special resolution to allot NCCDs and raise Rs 150 crore. Before this debt funding round Tiger Global was the largest external stakeholder of the startup with a 21.33 percent stake, followed by Accel with 16.87 percent while Nexus Ventures with 8.46 percent.
