Mumbai-based construction materials marketplace Infra.Market has secured an additional $50 million in debt financing from Mars Growth Capital, a joint venture between Japan’s MUFG Bank and private credit firm Liquidity Group. This latest infusion expands Mars Growth Capital’s total debt commitment to Infra.Market to $150 million and comes as the company gears up for its highly anticipated initial public offering (IPO) planned for later this fiscal year.
Strengthening Financial Backbone with Extended Debt Facility
Along with the fresh capital, Infra.Market has successfully extended the maturity of its existing $100 million debt facility by five more years, providing the company with enhanced financial flexibility. This extension reflects strong investor confidence in Infra.Market’s growth trajectory and long-term vision to become India’s leading construction materials platform.
The transaction was advised by Northcote Luxe FinBrokers, underscoring the strategic nature of this financing round as the company prepares for its public market debut.
Infra.Market’s Expanding Footprint in India’s Construction Sector
Founded in 2016 by Souvik Sengupta and Aditya Sharda, Infra.Market has rapidly evolved into a comprehensive supplier of building and home improvement materials. Its product portfolio spans over 15 categories, including ready-mix concrete (RMC), steel, tiles, plywood, kitchen appliances, paints, and more.
The company boasts a robust network with over 250 manufacturing partnerships and reaches more than 10,000 retail touchpoints across India. It is recognized as the second-largest player by revenue in India’s ready-mix concrete segment and ranks among the top three in autoclaved aerated concrete (AAC) blocks and tiles by capacity.
Fueling Growth Ahead of IPO
Infra.Market’s fresh debt raise follows a significant $121 million equity funding round in January 2025 from existing investor Tiger Global and others, aimed at accelerating expansion both domestically and internationally.
The company is actively preparing to file its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), targeting to raise approximately Rs 2,500 crore (around $300 million) through its IPO, tentatively scheduled for the third or fourth quarter of FY26.
Financial Performance and Market Position
In FY24, Infra.Market reported a consolidated gross revenue of Rs 14,530 crore, up from Rs 11,847 crore in FY23, showcasing strong year-on-year growth. EBITDA rose by 45% to Rs 1,596 crore, with improved margins of 8.7%. Profit after tax also increased significantly to Rs 492 crore.
Despite these gains, the company faced a credit rating downgrade in May 2025 by India Ratings due to concerns over debt refinancing and liquidity pressures amid high capital expenditure.
Vision to Build India’s Largest Construction Materials Platform
Co-founder Souvik Sengupta expressed optimism about the company’s future:
“We are rapidly expanding our market presence and building a best-in-class construction materials company out of India. This additional funding strengthens our ability to serve the growing needs of the construction ecosystem.”
Infra.Market aims to tap into India’s $255 billion construction materials market by offering end-to-end solutions and scaling its footprint across urban and rural markets.
Backed by Top Investors and Strategic Acquisitions
Infra.Market’s growth journey is supported by marquee investors including Tiger Global, Accel, Nexus Venture Partners, and Evolvence Capital. The company has also made strategic investments in brands such as RDC Concrete, Shalimar Paints, Emcer, Millennium Tiles, and Amstrad, reinforcing its presence across multiple product lines.
Industry Impact and Competitive Landscape
Infra.Market competes with other industrial commerce players like OfBusiness, Zetwerk, and Moglix, which reported revenues of Rs 19,296 crore, Rs 14,436 crore, and Rs 4,964 crore respectively in FY24. Infra.Market’s strong revenue growth and expanding product portfolio position it well to capture a larger share of the construction materials supply chain.
Conclusion: Infra.Market’s Path to Public Markets and Beyond
With the additional $50 million debt infusion and extended financing terms from Mars Growth Capital, Infra.Market is solidifying its financial foundation as it prepares for its IPO. The company’s focus on expanding product categories, deepening manufacturing partnerships, and scaling retail reach aligns with its ambition to become a global infrastructure leader originating from India.
This strategic funding and IPO readiness mark Infra.Market as a key player to watch in India’s evolving construction and industrial materials ecosystem, promising to drive innovation, efficiency, and growth in one of the country’s most critical sectors.