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Time of India
30-06-2025
- Business
- Time of India
IPO-bound Infra.Market gets additional $50 million as debt
Bengaluru: secured $150 million as debt from Mars Growth Capital, a joint venture between MUFG Bank and AI-based private credit firm Liquidity. The deal includes a five-year extension of its existing $100 million facility and an additional $50 million credit line. This is the company's second fundraising this year, following a $125 million equity round. Founded in 2016, operates a tech-enabled building materials platform that caters to institutional and retail buyers. The company offers more than 15 product categories ranging from concrete and steel to appliances and modular kitchens. It also holds strategic stakes in RDC Concrete, Shalimar Paints, Emcer, Millennium Tiles, and Amstrad, and operates across over 10,000 retail outlets in India. You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru According to the company, is now the second-largest player in India by revenue in the ready-mix concrete segment and ranks second by capacity in both AAC blocks and flooring tiles. Its network spans over 250 manufacturing units across the country. said the fresh financing will support ongoing expansion across infrastructure, industrial, and building construction segments in the $255 billion Indian building materials market. The company is also exploring international opportunities. "We're scaling to become India's largest construction materials platform, with an integrated offering across the value chain," said Co-founder Souvik Sengupta. "This capital will help us grow both in India and globally."
Economic Times
30-06-2025
- Business
- Economic Times
IPO-bound Infra Market raises additional $50 million financing from Mars Growth Capital
Construction materials marketplace has raised an additional $50 million in debt financing from Mars Growth Capital, as it looks to fund expansion plans before a public listing. The infusion takes the total amount raised from the lender to $150 million. The latest financing from Mars Growth Capital, a joint venture between MUFG Bank and private credit firm Liquidity Group, also includes a five-year extension of the terms on its existing $100 million borrowing. The company said it will use the fresh capital to support its expansion plans and strengthen its presence across product categories and geographies. It currently offers over 15 product categories, including concrete, walling solutions, and steel, and operates a network of 250 manufacturing units. It has 10,000 retail touchpoints. This is second fundraise this year. In January, the company raised $125 million in a funding round to fuel expansion across India and global markets. Founded in 2016 by Souvik Sengupta and Aditya Sharda, Accel-backed supplies construction and home improvement materials, including concrete, steel, pipes, plywood, fans, lights, and kitchen and electrical appliances to real estate developers, contractors and architects. 'We continue to build on our vision of creating India's largest building materials platform, offering end-to-end solutions across the construction value chain, not only in India, but also globally,' Sengupta said in a statement. 'We are seeing growth opportunities as we rapidly expand our market presence, and create a best-in-class construction materials company out of India.' The funding comes at a time when the Mumbai-based company is preparing to file its draft red herring prospectus (DRHP) with the aim of raising Rs 2,500 crore through an initial public offering (IPO) this fiscal year. The company has already appointed merchant bankers and legal advisors and aims to go public in the third or fourth quarter of FY26, subject to regulatory approvals. In May, rating agency India Ratings downgraded rating to 'BBB+/negative outlook' from 'A-/negative outlook' over concerns around its debt refinancing, liquidity position and negative cash flow from operations in FY25. In FY25, Hella Infra Market, the parent company of reported a 45% jump in earnings before interest, taxes, depreciation and amortisation (Ebitda) to Rs 1,596 crore, with margins improving to 8.7% from 7.5% a year ago. Profit after tax rose to Rs 492 crore from Rs 378 claims to be the second-largest player by revenue in ready-mix concrete and among the top three in AAC blocks and tiles by capacity in India. It has also made strategic investments in brands such as RDC Concrete, Shalimar Paints, Emcer, Millennium Tiles, and company is among a growing list of industrial commerce platforms preparing for a public market debut. Others include Zetwerk, Ofbusiness, and JSW Luxe FinBrokers advised on the latest transaction.'This $150 million potential commitment reflects our conviction in vision and execution, as well as the transformative impact it is having across the construction value chain,' said Ron Daniel, cofounder and CEO of Liquidity Group. 'By combining Liquidity's technology-driven approach and underwriting capabilities with scale and ambition, we are enabling sustainable growth and supporting emergence as a global infrastructure leader.'
