**MARS Growth Capital Invests $50 Million in Infra.Market Ahead of IPO**
MARS Growth Capital has announced a significant investment of $50 million in Infra.Market, a leading building materials platform, while also extending its existing financing of $100 million by an additional five years. This strategic move comes as Infra.Market gears up for its initial public offering (IPO) later this year.
MARS, a collaboration between private credit firm Liquidity and MUFG Bank, has now invested approximately $150 million in Infra.Market, as stated in a recent announcement. The initial $100 million tranche, which commenced in 2022 with a three-year tenure, was primarily allocated for the production of paints and tiles. The newly acquired funds will be directed towards the manufacturing of concrete and autoclaved aerated concrete blocks.
Northcote Luxe FinBrokers served as the exclusive advisor for this transaction. This marks Infra.Market’s second fundraising initiative in 2023, following a successful round in January where it raised around $125 million at a valuation of $2.7 billion, with participation from notable investors such as Tiger Global, Evolvence, and Foundamental, along with individual investors like Ashish Kacholia, Nikhil Kamath, and Abhijit Pai.
In April, it was reported that Infra.Market’s venture debt backers, including Innoven Capital, Strides Ventures, and Trifecta Capital, were considering a $30 million secondary transaction in an extended pre-IPO round to liquidate some of their stakes. The company is expected to file its draft IPO papers by September and has appointed a consortium of financial institutions, including Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, Jefferies, ICICI Securities, HSBC Securities, Motilal Oswal Financial Services, and Nuvama Wealth Management, to oversee the IPO process.
Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market provides comprehensive solutions across the construction value chain. The company boasts a network of over 250 manufacturing units and has made strategic investments in firms such as RDC Concrete, Shalimar Paints, Emcer, Millennium Tiles, and Amstrad. Its product offerings include concrete, walling solutions, steel, aggregates, pipes and fittings, plywood, laminates, tiles, paints, modular kitchens, designer hardware, electricals, appliances, and consumer durables.
With a presence in over 10,000 retail outlets across India, Infra.Market serves both institutional clients and retail customers in the building materials sector, aiming to disrupt the $255 billion market focused on infrastructure, industrial, and construction sectors. The company has also expressed intentions to diversify its product range beyond concrete and steel, venturing into lifestyle categories such as mattresses, curtains, and home décor through its lifestyle brand, Ivas.
As geopolitical shifts and inflationary pressures continue to influence the market, Infra.Market’s growth trajectory appears promising, positioning it as a key player in the evolving building materials landscape.
**FAQ**
*What is Infra.Market’s primary focus?*
Infra.Market focuses on providing a wide range of building materials and solutions across the construction value chain, aiming to disrupt the traditional market with innovative products and services.