Infra.Market raises Rs 200 crore debt funding

New Delhi: B2B construction materials marketplace, Infra.Market, has raised Rs 200 crore by issuing debentures to a group of investors led by financial institution Avendus, people in the know said.

The funding is intended to help meet the working capital needs of the Tiger Global-backed company, the people said. Infra.Market became a unicorn—a privately held startup with a valuation of $1 billion or more—in February.

“This is debt funding with a three-year tenure. The company is also in talks to raise equity funding,” a person aware of the matter said. Apart from Avendus, the family office of Phoenix Mills and Dalmia Group Holdings also participated in the fundraising.

Infra.Market had acquired RDC concrete, a ready-mix concrete company for Rs 730 crore in September. It is learnt that the debentures have been secured by personal guarantees of Infra.Market’s founders Souvik Sengupta and Aaditya Sharda, and shares of the acquired company.

Infra.Market declined to comment. Avendus, Phoenix Mills and Dalmia Group Holdings did not respond to ET’s queries till press time Sunday.

Founded in 2016, the Mumbai-based online marketplace has so far raised close to $270 million in equity funding over five rounds. Its last round of equity fundraising, of $125 million, in August had valued the company at $2.5 billion, according to sources. Infra.Market clocked sales of Rs 1,273 crore in financial year 2020-21, and a net profit of Rs 35.9 crore.

  • “ETtech is a sharply-focused lens that brings alive India’s tech businesses & dynamic world of startups”

    Kunal Bahl, Co-Founder & CEO, Snapdeal

  • “I read ETtech for in-depth stories on technology companies”

    Ritesh Agarwal, Founder & CEO, Oyo

  • “I read ETtech to understand trends & the larger India technology space, everyday”

    Deepinder Goyal, Co-founder & CEO, Zomato

The company that houses the online marketplace is registered with the Registrar of Companies as Hella Infra Market Pvt Ltd. Between financial year 2019-20 and 2020-21 the company’s revenues grew 3.5x.

The company has two lines of business—it supplies concrete, cement, chemicals, steel and electricals to the construction industry, and is also developing a private label business with its own branded products such as ready-mix concrete.

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.

For all the latest Technology News Click Here 

Read original article here

Denial of responsibility! TechAI is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.