Infra.Market, the construction goods and services platform, has divested approximately 7% of its stake worth $20 million in RDC Concrete to investors led by Nikhil Kamath, co-founder of Zerodha.
The round also saw participation from various investors such as Capri Global Family Office, Sumeet Kanwar from Verity, and Abhijeet Pai-led Wear Steels.
This divestment follows Infra.Market’s earlier sale of a 10% stake in RDC Concrete to investors led by Ashish Kacholia in November 2023. The acquisition of RDC Concrete by Infra.Market for $90 million in mid-2021 has seen significant growth, with the number of RMC plants doubling from 49 to 100 across 48 cities.
Infra.Market recently announced a $50 million funding round led by the MARS Unicorn Fund, a joint venture of Liquidity Group and MUFG.
RDC Concrete, founded by Anil Banchhor, specializes in manufacturing and supplying Ready Mix Concrete (RMC), offering a range of concrete solutions using advanced technology and infrastructure. The company aims to expand its footprint to around 180 RMC plants by the end of FY25.
Infra.Market, with its extensive retail network and flagship showrooms, supplies products under various brand names, including Infra.Market, IVAS, Shalimar Paints, and RDC.
Despite challenges, Infra.Market has seen substantial growth, raising approximately $500 million across equity and debt and achieving a valuation of around $2.5 billion. Its gross revenue surged from Rs 6,285 crore in FY22 to Rs 11,846 crore in FY23, although its profit experienced a slight decline from Rs 187 crore to Rs 155 crore during the same period, as per data from TheKredible.
