Infra.Market Secures $50 Million in Debt for West Asia Expansion

Infra.Market, a Leading Con-Tech Company in India specializing in construction materials, has obtained $50 million in a structured debt round from Mars Growth Capital to support its expansion into the West Asian market, particularly the United Arab Emirates (UAE).

This marks Mars Growth Capital’s second investment in Infra.Market, bringing their total investment to $100 million. The initial $50 million was invested in 2022.

The latest funding will be directed towards Infra.Market’s Singapore entity, which serves as the headquarters for its international operations.

In its Series D funding round led by Tiger Global in 2021, Infra.Market was valued at $2.5 billion.

In FY24, the company reported revenues of $1.75 billion (approximately Rs 14,600 crore), with an EBITDA of $150 million (approximately Rs 1,250 crore) and a profit after tax of $50 million (approximately Rs 416 crore), according to founder Souvik Sengupta.

This reflects a 23% increase in revenue from Rs 11,846 crore in FY23 and a 168% increase in profit from Rs 155 crore.

Sengupta attributed the financial improvement to increased penetration of the company’s private label brands, the commencement of manufacturing construction materials such as concrete, paint, and wood panels, and overall growth in the construction sector.

Infra.Market serves both institutional customers (B2B) and retail outlets (D2R) in the construction materials sector. Over the past 12 months, it has steadily increased supply to retail outlets and operates through a dual model of flagship stores (catering to smaller stores) and dealership stores (for retail customers). The company supplies products across 20 states in India and exports to various global markets, including Dubai, Singapore, and Italy.

This announcement aligns with the ongoing increase in infrastructure project allocations under the National Infrastructure Pipeline, which plans projects worth $2 trillion over the next few years. Infra.Market plans to use the latest funding to enter new global markets and expand its presence across product verticals.

Sengupta stated, “We continue to build on our vision of creating India’s largest multi-product construction materials brand and transforming the construction materials supply chain, not only in India but also globally. We are seeing growth opportunities as we rapidly expand our product portfolio and market presence, and the launch of new verticals will help us enter new markets and establish a best-in-class construction materials company out of India.”

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