Infra.Market Plans to Raise Up to $200 Million Ahead of IPO

B2B e-commerce platform Infra.Market is in talks to raise $150-200 million (INR 1,250-1,680 Cr) in fresh funding ahead of its much-anticipated $700 million IPO. This funding round is expected to be led by existing investors such as Tiger Global, Fundamental, and Evolvence, who are likely to increase their stakes in the company. Discussions are also underway to bring new investors on board.

According to reports, the pre-IPO round could push Infra.Market’s valuation beyond the $2.5 billion mark achieved during its 2021 funding round, thanks to a significant improvement in the company’s financial performance. The Thane-based startup, founded by Souvik Sengupta and Aaditya Sharda in 2016, focuses on manufacturing construction materials and leveraging technology to streamline the procurement process.

This funding development follows Infra.Market appointing eight investment banks—including Kotak Mahindra Capital, Goldman Sachs, Jefferies, and ICICI Securities—to manage its upcoming IPO. The company is expected to file its draft IPO papers in December 2024, aiming to raise $700 million.

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Notably, Infra.Market raised INR 185 Cr ($22 million) in July 2024 through debt funding from Yubi, Samunnati, and Vivriti Capital. Since its inception, the unicorn has raised $500 million.

In FY23, Infra.Market reported an operating revenue of INR 11,846.5 Cr, a 90% increase from the previous fiscal year. However, its net profit saw a slight decline of 17%, falling to INR 155.2 Cr from INR 185.9 Cr in FY22.

With a strong financial trajectory and significant market interest, Infra.Market is poised to become a key player in the IPO space, alongside other prominent Indian startups like Swiggy and Ecom Express, expected to debut on the stock exchanges soon.