B2B e-commerce platform Infra.market plans to secure around $150 to $200 million from its existing investors during its pre-IPO round. MoneyControl reported. The funding round is expected to have the participation of Tiger Global, Evolvence, and Foundamental. The startup intends to use this fresh capital to scale its operation, enhance its performing capability, and prepare for its $700 million Initial Public Offering round. The existing investors might increase their stake in the company.
Earlier this year, the e-commerce startup secured Rs 185 crore through non-convertible debentures in a debt funding round led by Online lending firm Yubi with the participation of Vivriti Capital and an agritech platform Samunnati. The investment enabled the firm to improve its performance capability and achieve its market expansion plans. This company also plans to use the fundraised from its existing investors to use it with the upcoming pre-IPO round and prepare for public listing. The source close to the deal told Inc42 that the company will have a valuation higher than $2.5 billion reported during 2021 fundraising. The firm is expected to file for the draft Initial Public Offering papers in December after the closing of its round.
Aaditya Sharda and Souvik Sengupta founded the manufacturing firm in 2016 to provide construction materials using advanced technologies for the procurement process. The online platform gives consumers products including aggregate, ready-mix concrete, cement, and construction materials. The company has raised around 556 million USD across multiple funding rounds since its inception. The startup data intelligence, kredible mentioned that before this round the largest external stakeholder of the startup was Tiger Global followed by Accel and Nexus Ventures. Infra.market faces competition from companies including YouKraft, BuildSupply, and ArisIfra
The unicorn reported a 90 percent increase in its operational revenue to Rs 11,846.5 crore in FY23. However, the net profit decreased by 17 percent to Rs 155.2 crore in the same duration. The construction material manufacturing company aims to revolutionize the supply chain market for these materials locally and globally. The e-commerce platform claims to offer its services across 16 states in India while exporting its materials globally to other countries such as Singapore, Dubai, Italy, and Jordan. The development came after the market saw a stable month for IPOs. Recently Swiggy and logistic major Ecom Express announced their plans for market debut.
Conclusion :
The construction material manufacturer Infra.Market plans to raise around $150 to $200 million at a higher valuation for its pre-IPO round. The company is expected to raise funds from its existing investor Tiger Global with the participation of Evolvence, Foundamental, and other new investors. The e-commerce platform offers construction materials and other services for construction purposes.
The company claims to supply its materials in India and the international market. The company has secured around $556 million since its inception, including $18 million raised during the debt funding round. Before this debt funding round Tiger Global was the largest institutional stakeholder of the startup with a 21.33 percent stake followed by Accel.
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