Infra.Market, B2B construction materials marketplace has raised Rs 200 crore by issuing debentures to a group of investors led by financial institution Avendus. The funding is intended to help meet the working capital needs of the Tiger Global-backed company. Infra. Market became a unicorn—a privately held startup with a valuation of $1 billion or more—in February.
“This is debt funding with 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. Sengupta and Aaditya Sharda has acquired the shares of the company.
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 35.9cr.