Infra.Market Secures ₹730 Crore in Final Pre-IPO Funding Round

Accel-backed construction materials solutions firm Infra.Market has raised ₹730 crore in fresh funding, marking what is expected to be its final private round before going public. The Series G round was led by Zerodha co-founder Nikhil Kamath’s Nksquared family office, which contributed ₹200 crore, along with ₹250 crore from founders Souvik Sengupta and Aaditya Sharda and ₹280 crore from existing investors. This latest funding pegs Infra.Market’s valuation at an impressive ₹24,600 crore ($2.8 billion).

Founded in 2016, Infra.Market operates across the construction value chain, supplying more than 15 categories of building materials including concrete, steel, walling solutions, tiles, paints, and electricals. With a robust network of over 250 manufacturing units and 10,000 retail touchpoints, the company serves both institutional clients (B2B) and retail outlets (B2R). It is currently the second-largest player in India by revenue in ready-mix concrete (RMC), and also ranks second by capacity in AAC blocks and flooring tiles.

According to sources, the funding round not only strengthens liquidity ahead of the IPO but also allows the founders to increase their stake to nearly 30%, officially classifying them as promoters. Infra.Market is expected to file its Draft Red Herring Prospectus (DRHP) with SEBI in the coming weeks, with its IPO anticipated later this year.

Financially, the company has shown consistent growth. It closed FY25 with revenues of ₹18,000 crore, an EBITDA of ₹1,500 crore, and profit after tax of ₹300 crore. RoC filings also highlight a 23% year-on-year revenue growth, with profit after tax increasing 2.5 times to ₹378 crore.

The latest investment follows Infra.Market’s earlier $150 million debt raise in June from MARS Growth Capital, as well as a $120 million round earlier this year involving investors such as Tiger Global, Foundamental, Evolvence, Ashish Kacholia, and Nikhil Kamath.

By building scale across product categories and ensuring deep market penetration, Infra.Market has positioned itself as a key disruptor in India’s fast-growing construction ecosystem. With its IPO on the horizon, the company is set to strengthen its role in shaping the future of the country’s construction and real estate sectors.