Construction material supply and procurement platform Infra.Market has raised Rs 732 crore (around $83 million) in an internal funding round which values it at about Rs 24,600 crore ($2.8 billion), multiple media reports said, citing regulatory filings and anonymous sources. The Mumbai based company is in line to file draft papers for a reported $500-700 million IPO soon.
Infra.Market’s existing investors Tiger Global, Accel, NKSquared — Zerodha founders Nithin and Nikhil Kamath’s family office, Evolvence and Nexus Venture Partners participated in the round. Additionally, the founders – Souvik Sengupta and Aaditya Sharda – brought in a significant chunk to increase their stake ahead of the proposed listing.
Prior funding rounds in 2025
Raised $120 million in January from Tiger Global, Evolvence, Foundamental, and Ashish Kacholia, among others. At the time it was valued at $2.7 billion.
In June it raised $50 million in debt financing from MARS Growth Capital.
By the numbers
The company closed FY24 with revenues (consolidated) at Rs 14,530 crore, against Rs 11,846 crore in the previous financial year. FY24 PAT grew to Rs 368 crore from Rs 155 crore in FY23. Revenues for FY25 are projected at a little over Rs 18,000 crore. “Our revenues for FY25 have grown at over 20% CAGR and our profitability has kept pace with that,” co-founder Souvik Sengupta told Moneycontrol in June.
The IPO pipeline
After a bit of a slow start early this year (compared to 2024), the IPO momentum has started to pick up again for PE/VC backed companies in India.
Overall, 119 IPOs worth Rs 51,150 crore (nearly $6 billion) hit the bourses in the first six months of 2025, per data compiled by S&P Global Market Intelligence. In terms of VC-PE backed companies, the year kicked off with EV maker Ather Energy’s muted public market outing. Accel and Elevation Capital backed Urban Company’s Rs 1,900 crore IPO seemed to have turned the tide this week, listing at a premium of over 57% to its offer price of Rs 103 per share.
The next big IPOs in line are from Peak XV backed fintechs Groww, which aims to raise Rs 7,000 crore, and Pine Labs, which has just received a go-ahead from markets regulator SEBI.