Infra.Market raises another $50 mn from Mars Unicorn Fund

Construction materials platform Infra.Market has raised an additional $50 million from Mars Unicorn Fund, a joint venture of global asset manager Liquidity Group and Japanese bank MUFG.

The fund had previously invested $50 million in Infra.Market in 2022. The latest investment is in the Singapore entity of Infra.Market. 

The company's parent entity was last valued at about $2.5 billion two years ago.

Infra.Market, announcing the fundraise on Tuesday, said it plans to use the new investment to expand its global operations and increase its product categories.

“We are seeing growth opportunities as we are rapidly expanding our product portfolio and market presence, and the launch of new verticals will help us seed newer markets...,” said co-founder Souvik Sengupta.

The announcement comes amid the ongoing increase in allocation for infrastructure projects under India's National Infrastructure Pipeline, which has planned projects worth $2 trillion to be deployed over the next few years, the company said in a statement.

Founded by Sengupta and Aaditya Sharda in 2016, Infra.Market supplies products such as concrete, steel, pipes and fittings, plywood, laminates and tiles to both institutional customers and retail outlets. 

The company supplies its products under its own brand names—Infra.Market, IVAS, Shalimar Paints, and RDC.

Infra.Market, which is backed by Accel, Nexus Venture Partners, Fundamental VC, and Tiger Global, saw its revenue rise from ₹6,236 crore in 2021-22 to ₹11,846 in FY23. Its profits, however, fell from ₹186 crore to ₹155 crore.

Northcote Luxe FinBrokers were the exclusive advisers to Infra.Market in its latest transaction.