The infusion takes the total amount raised from Mars Growth Capital, a joint venture between MUFG Bank and private credit firm Liquidity Group, to $150 million. The deal includes a five-year extension of the terms on the existing $100-million borrowing.
Infra.Market said it will use the fresh capital to support its expansion plans and strengthen its presence across product categories.
Founded in 2016 by Souvik Sengupta and Aditya Sharda, the Accel-backed company supplies construction and home improvement materials, including concrete, steel, pipes, plywood, fans, lights, and kitchen and electrical appliances to real estate developers, contractors and architects.
It operates a network of 250 manufacturing units and has 10,000 retail touchpoints.
Sengupta said the latest capital infusion will primarily be directed toward categories like concrete, AAC blocks, and tiles. “Primarily, we will focus on margin improvement in these categories. These are high margin categories for us. So these are categories where we will be investing this money going forward,” he noted.
The funding comes at a time when the Mumbai-based company is preparing to file its draft red herring prospectus (DRHP) to raise Rs 2,500 crore through an initial public offering (IPO) this fiscal year.
It has already appointed merchant bankers and legal advisors and aims to go public in the third or fourth quarter of FY26, subject to regulatory approvals.
This is Infra.Market’s second fundraiser this year. In January, it had raised $125 million in a round to fuel expansion across India and global markets.
In May, rating agency India Ratings downgraded Infra.Market’s rating to “BBB+/negative outlook” from “A-/negative outlook” over concerns around its debt refinancing, liquidity position and negative cash flow from operations in FY25.
In FY25, Hella Infra Market, the parent company of Infra.Market, reported a 45% jump in earnings before interest, taxes, depreciation and amortisation (Ebitda) to Rs 1,596 crore, with margins improving to 8.7% from 7.5% a year ago. Profit after tax rose to Rs 492 crore from Rs 378 crore.
“We continue to see growth in the mid-teens to 20% and there is a focus on profitability and higher margins,” Sengupta said.
Infra.Market claims to be the second-largest player by revenue in ready-mix concrete and among the top three in AAC blocks and tiles by capacity in India. It has also made strategic investments in brands such as RDC Concrete, Shalimar Paints, Emcer, Millennium Tiles, and Amstrad.
The company is among a growing list of industrial commerce platforms preparing for public market debut. Others include Zetwerk, Ofbusiness, and JSW One.
Northcote Luxe FinBrokers advised Infra.Market on the latest transaction.
“This $150 million potential commitment reflects our conviction in Infra.Market’s vision and execution, as well as the transformative impact it is having across the construction value chain,” said Ron Daniel, cofounder and CEO of Liquidity Group.
