Construction material supplier Infra.Market has raised Rs 185 crore in debt financing led by Yubi, Samunnati, Vivriti Capital and more as per the company filings sourced from the Registrar of Companies. The company board approved a special resolution to issue non-convertible debentures to secure the funds.
Of the total investment, Rs 80 crore was made by Yubi across two tranches, IKF Home Finance and Raymond Limited invested Rs 40 crore, and Rs 25 crore respectively, while Samunnati Financial and Vivriti Capital invested Rs 20 crore each.
This funding appears to be a part of the B2B platform’s plan to raise Rs 500 crore in debt as the Mumbai-based startup had earlier secured Rs 100 crore from SK Finance along with the Rs 390 crore secured in June in an equity round from Liquidity Group and MARS Unicorn Fund.
Co-founded in 2016 by Aaditya Sharda and Souvik Sengupta, the company products aim at the building and infrastructure industry by leveraging technology, providing construction supplies, infrastructure products, and technical equipment, with products including concrete pipes & fittings, steel, AAC Blocks, MDF and more. It serves both retail and institutional customers, marking its service in, D2C, B2B, and B2C workforce as well. As per the claims made by the company, its market is spread across 16 states of India, extending to international construction markets of Dubai, Italy, Singapore and Jordan.
The Tiger Global, Accel and Nexus Ventures-backed startup partners with IVAS, Shalimar Paints and RDC, and competes with OfBusiness, Moglix and Zetwerk. It has managed to raise $520 million so far. The company’s net profit for FY23 was noted at Rs 155.2 crore, indicating a drop by 17% from 185.9 crore in FY22. Meanwhile, its operating revenue went up by 90% from Rs 6,235.5 crore to Rs 11,846.5 crore in the same period.
