Team Startupcity

·  Infra.Market raises $50M debt from Mars Growth Capital, boosting total borrowings to $150M ahead of IPO.

·  Plans to file Rs 2,500 crore DRHP with SEBI and target IPO listing in FY26 Q3/Q4.

·  FY25 saw 45% EBITDA growth and expanded reach across 250+ manufacturing partnerships and 10,000+ retail outlets.

Thane-headquartered B2B construction materials startup Infra.Market has raised another $50 million in debt from Mars Growth Capital, taking its total borrowings from the lender to $150 million. This development comes as the company prepares for its initial public offering (IPO) later this fiscal.

MUFG Bank of Japan and Liquidity Group joint venture Mars Growth Capital also pushed forward the tenor of Infra.Market's previous $100 million loan by five years. Northcote Luxe FinBrokers brokered the debt transaction.

In 2016, Infra.Market was started by Souvik Sengupta and Aditya Sharda. Infra.Market provides a one-stop shop for construction and home improvement products ranging from steel, tiles, plywood, kitchen appliances, and ready-mix concrete. With more than 250 manufacturing associations and 10,000+ retail points, it is currently the second-largest ready-mix concrete player by revenue in India and one of the top three in AAC blocks and tiles.

This is Infra.Market's second large funding in 2025. Last month, it raised $121 million in equity capital from Tiger Global, with additional investment by other investors such as Accel, Nexus Venture Partners, and Evolvence. The current round of funding will enable Infra.Market to expand its product offerings and geography.

The firm is said to file its Draft Red Herring Prospectus (DRHP) with SEBI to raise Rs 2,500 crore (~$300 million) from its IPO in the third or fourth quarter of FY26. Legal and merchant banking advisers have already been on board.

Financially, the company experienced mixed results in FY25. Parent company Hella Infra Market posted a 45% growth in EBITDA to Rs 1,596 crore, with better margins. Profit after tax increased to Rs 492 crore from Rs 378 crore the year before. Credit rating agency India Ratings had earlier downgraded Infra.Market to "BBB+/Negative" in May, citing cash flow pressures and negative cash flows.

However, Infra.Market's gross revenue increased to Rs 14,530 crore in FY24 from Rs 11,847 crore in FY23. It still compares with industrial commerce peers such as OfBusiness (Rs 19,296 crore), Zetwerk (Rs 14,436 crore), and Moglix (Rs 4,964 crore).

“This $150 million potential commitment reflects our confidence in Infra.Market’s scale and disruptive role in the construction supply chain,” said Ron Daniel, Co-founder and CEO of Liquidity Group. “Together, we’re fueling sustainable growth and global expansion.”