SUMMARY
- Infra.Market reported a profit of Rs 378 crore in FY24.
- Infra.Market’s operating revenue reached Rs 14,530 crore in FY24.
- The Mumbai-based startup’s total expenses amounted to Rs 14,272 crore in FY24.
B2B marketplace startup Infra.Market reported a profit of Rs 378 crore in FY24, marking a 144% increase from Rs 155 crore in FY23.
This increase in profit was driven by a significant growth in revenue. Infra.Market’s operating revenue reached Rs 14,530 crore in FY24, a 23% rise from Rs 11,846.5 crore in FY23.
The primary source of revenue for Infra.Market is the sale of construction materials such as cement, paints, chemicals, and tools. The total revenue for FY24 was Rs 14,743.4 crore, which is almost 25% higher than Rs 11,890.8 crore reported in FY23.
Founded in 2016 by Aaditya Sharda and Souvik Sengupta, Infra.Market produces construction materials under its own private-label brands. The company operates in a B2B, retail, and B2C model and uses technology to streamline the procurement process.
The Mumbai-based startup’s total expenses amounted to Rs 14,272 crore in FY24 with a 23% increase from Rs 11,607.6 crore in FY23.
As a marketplace, the largest expense for Infra.Market was the cost of purchasing products, which amounted to Rs 11,683 crore, a 17% increase from Rs 9,954.8 crore in FY23.
The startup’s transportation costs increased to Rs 414.6 crore with a 92% rise from Rs 216 crore in FY23.
The startup’s expenses on employee benefits rose to Rs 399 crore with a 43% increase from Rs 278.8 crore in FY23. This suggests that the startup has expanded its workforce.
The startup’s cash and cash equivalents increased to Rs 275.1 crore with a 26.4% rise from Rs 217.5 crore in FY23.
Despite having a substantial amount of cash in the bank, Infra.Market is aiming to secure funding of around $150 million to $200 million. The startup’s existing investors, including Tiger Global, Evolence, and Foundamental, are expected to participate in this funding round.
This development came just weeks after reports emerged indicating that Infra.Market is considering raising $700 million through an IPO. The startup has also engaged in discussions with investment banks such as Kotak Mahindra Capital, Goldman Sachs, Jefferies, and ICICI Securities for its IPO.
Infra.Market has emerged as the latest startup in the B2B sector to pursue an IPO. While Asish Mohapatra-led OfBusiness is aiming for an IPO of $1 Bn, earlier reports had mentioned that Zetwerk had begun its preparations for an IPO, with talks with JP Morgan.
