Construction-tech Startup Infra.Market nets Rs.150 Crore Debt
An inventive construction startup, Infra.Market has lifted Rs.150 crore (nearly $18 million) in the debt funding during the recent times. Following the $50 million equity round from the Mars Unicorn Fund, a joint venture between Liquidity Group and MUFG, the Mumbai-based company will receive a debt injection.
A special resolution to issue non-convertible redeemable debentures to raise Rs.150 crore has been approved by the Infra.Market board.
Beforehand, the panel had endorsed a mission to raise up to Rs.500 crore through debentures. The Rs 500 crore tranche is the latest infusion.
Yubi, a technology debt company has contributed Rs.80 crore while Raymond ltd, IKF Home Finance, and Samunnati Monetary (through their NBFC depositories) took part with Rs.25 crore, Rs.25 crore, and Rs.20 crore, separately.
In 2016, Souvik Sengupta and Aaditya Sharda started the company Infra.Market, which sells infrastructure products, construction materials, and technical equipment. With a strong focus on the infrastructure sector, it is aiming for the expanding market for construction materials. The organization takes care of both institutional clients (B2B) and retail outlets (D2R) in the development materials area.
According to the organization, it supplies across 16 states in India and furthermore products to business sectors like Dubai, Singapore, Jordan, and Italy, among others. Until now, Infra.Market has raised around $520 million across value and obligation. As per the startup insight information stage TheKredible, Tiger Worldwide was the biggest outside partner with 21.33% followed by Accel and Nexus Adventures which own 16.87% and 8.46%, separately, before this round.
Infra.Market's gross revenue in FY23 increased by 89 percent to Rs 11,846 crore, despite the fact that the company has yet to submit its annual statements for FY24. In the same time frame (FY23), the profit of the Tiger Global-backed company decreased by 17% to Rs 155 crore.
A special resolution to issue non-convertible redeemable debentures to raise Rs.150 crore has been approved by the Infra.Market board.
Beforehand, the panel had endorsed a mission to raise up to Rs.500 crore through debentures. The Rs 500 crore tranche is the latest infusion.
Yubi, a technology debt company has contributed Rs.80 crore while Raymond ltd, IKF Home Finance, and Samunnati Monetary (through their NBFC depositories) took part with Rs.25 crore, Rs.25 crore, and Rs.20 crore, separately.
In 2016, Souvik Sengupta and Aaditya Sharda started the company Infra.Market, which sells infrastructure products, construction materials, and technical equipment. With a strong focus on the infrastructure sector, it is aiming for the expanding market for construction materials. The organization takes care of both institutional clients (B2B) and retail outlets (D2R) in the development materials area.
According to the organization, it supplies across 16 states in India and furthermore products to business sectors like Dubai, Singapore, Jordan, and Italy, among others. Until now, Infra.Market has raised around $520 million across value and obligation. As per the startup insight information stage TheKredible, Tiger Worldwide was the biggest outside partner with 21.33% followed by Accel and Nexus Adventures which own 16.87% and 8.46%, separately, before this round.
Infra.Market's gross revenue in FY23 increased by 89 percent to Rs 11,846 crore, despite the fact that the company has yet to submit its annual statements for FY24. In the same time frame (FY23), the profit of the Tiger Global-backed company decreased by 17% to Rs 155 crore.
