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- Infra.Market
Infra.Market Revenue, Valuation, Funding & Investors
Infra.Market is valued at $2.8B as of September 2025, a 1.4x revenue multiple. Infra.Market revenue was $2B and Infra.Market EBITDA was $124M, as disclosed with its latest round.
Last Infra.Market valuation
$2.8B
Series G · Sep 2025
Last Infra.Market funding round
$83M
Series G · Sep 2025
Infra.Market revenue
$2B
Series G · Sep 2025
Key investors in Infra.Market
Tiger Global
Accel
Nexus Venture Partners
Evolvence India Fund
Foundamental
Sistema Asia Capital
About Infra.Market
Infra.Market is an Indian supplier of construction materials, founded in 2016 by Souvik Sengupta and Aaditya Sharda, that began as a business-to-business procurement marketplace and now also manufactures its own brands. It sells concrete, steel, pipes, plywood, tiles, paints, electricals and other products to developers, contractors and retailers across India and exports to several countries. Its brands include RDC, Shalimar Paints, Emcer and Equiphunt. The company reported consolidated revenue from operations of INR 14,530 crore and EBITDA of INR 1,096 crore for the year to March 2024, with profit after tax of INR 378 crore. It is backed by Accel, Nexus Venture Partners and Tiger Global, was valued at about $2.5 billion in 2021, and has been preparing for a stock market listing. It has bought RDC Concrete, Strata Geosystems, Equiphunt and a majority stake in Metro Group.
Founded
2016
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Revenue
$2B (Sep 2025)
Valuation
$2.8B (Sep 2025)
Infra.Market Valuation
Infra.Market is currently valued at $2.8B, based on its Series G in September 2025. Read the announcement ↗
The $83M round was led by Silver Line Homes, with participation from Evolvence India Fund, NKSQUARED, Tiger Global, Accel and Nexus Venture Partners.
Infra.Market's valuation has grown 16x from $170M at its Series B in December 2020 to $2.8B in September 2025, across 7 priced rounds.
Infra.Market valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2025 | Series G | $2.8B | 1.4x |
| Jan 2025 | Series F | $2.8B | 1.7x |
| May 2024 | Undisclosed stage | $2.5B | 1.8x |
| Jun 2022 | Undisclosed stage | $2.5B | 2.5x |
| Aug 2021 | Series D | $2.5B | 14.7x |
| Feb 2021 | Series C | $1B | 20.9x |
| Dec 2020 | Series B | $170M | 3.5x |
Infra.Market Revenue
Infra.Market's latest recorded revenue is $2B, as of its Series G in September 2025. At a $2.8B valuation, that implies a 1.4x revenue multiple.
Revenue grew from $9M in June 2019 to $2B in September 2025.
Infra.Market revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Sep 2025 | $2B | $2.8B | 1.4x | Series G |
| Jan 2025 | $1.7B | $2.8B | 1.7x | Series F |
| May 2024 | $1.4B | $2.5B | 1.8x | Undisclosed stage |
| Jun 2022 | $1B | $2.5B | 2.5x | Undisclosed stage |
| Aug 2021 | $170M | $2.5B | 14.7x | Series D |
| Feb 2021 | $48M | $1B | 20.9x | Series C |
| Dec 2020 | $48M | $170M | 3.5x | Series B |
| Dec 2019 | $49M | - | - | Series A |
| Jun 2019 | $9M | - | - | Seed |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Infra.Market Funding History
Infra.Market has raised a total of $578M across 10 funding rounds.
Infra.Market's first fundraising round was a $4M seed round in June 2019. The most recent completed round was a $83M Series G in September 2025.
Infra.Market funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2025 | Series G | Silver Line Homes (lead); Evolvence India Fund; NKSQUARED; Tiger Global; Accel; Nexus Venture Partners | $83M | $2.8B | Infra.Market is a Thane-based construction materials platform founded in 2016 by Aaditya Sharda and Souvik Sengupta, operating an online marketplace connecting suppliers of building materials like ready-mix concrete, tiles, and paints with real estate developers, contractors, and architects. It has expanded to 250 manufacturing units across 55 cities in India, with private-label manufacturing contributing two-thirds of sales, and has made acquisitions including RDC Concrete, Shalimar Paints, Emcer Tiles, and a majority stake in Metro Group. In September 2025, Infra.Market raised approximately $83 million (Rs 732 crore) in its Series G pre-IPO funding round, led by Silverline Homes (Rs 250 crore, linked to co-founder Aaditya Sharda) with participation from Nikhil Kamath’s family office NKSquared (Rs 200 crore), Tiger Global (Rs 176 crore), Accel, Evolvence India, and Nexus Venture Partners. The round values the company at around $2.7 billion (Rs 24,600 crore) per media reports, or $2.8 billion per regulatory filings, unchanged from its January 2025 Series F round of $120-121 million. Founders infused capital to raise their stake to nearly 30%, qualifying as promoters ahead of an anticipated $500-700 million IPO targeting $3-5 billion valuation. For FY24, Infra.Market reported revenue of Rs 14,530 crore (up 23% YoY) and profit after tax of Rs 378 crore (up 144% YoY), with over 80% from B2B sales. Over 80% of revenue derives from B2B offerings, supported by expansion into Tier II/III cities, technology-driven supply chain, and a strong dealer network. The company previously raised $50 million debt in June 2025 and plans further Rs 1,250 crore debt for refinancing, capex, and M&A; total funding to date about $700 million. As it prepares for IPO with SEBI nod and upcoming DRHP filing, the funding bolsters liquidity and market positioning as India's first multi-product, multi-channel building materials platform. |
| Jan 2025 | Series F | Tiger Global (lead); Evolvence India Fund; Nuvama Wealth Management; Capri Global Capital; Foundamental; Nikhil Kamath | $121M | $2.8B | Infra.Market, the Mumbai-based construction materials supplier, received over INR 10,500 million, about $121 million, in a pre-IPO round announced on 23 January 2025 and led by returning investor Tiger Global. Evolvence, Foundamental, Capri Global Capital, Nikhil Kamath and Nuvama Wealth Management also took part. The round was raised at a post-money valuation of about INR 241,470 million, or $2.8 billion, up from $2.5 billion at the previous round. The company reported revenue from operations of INR 14,530 crore and profit after tax of INR 378 crore for the year to March 2024, and was preparing a stock market listing. Founded in 2016 by Souvik Sengupta and Aaditya Sharda, it supplies concrete, steel, pipes, plywood, tiles and other products to developers, contractors and retailers across India. A further round followed in September 2025. |
| May 2024 | Undisclosed stage | MARS Unicorn Fund (lead) | $50M | $2.5B | Infra.Market is a Mumbai/Thane-based construction materials provider founded in 2016 by Souvik Sengupta and Aaditya Sharda, offering over 15 categories of products including concrete, steel, pipes, plywood, fans, lights, and appliances to institutional B2B customers and retail D2R outlets across 20 Indian states and exports to markets like Dubai, Singapore, and Italy. The company leverages technology for procurement, quality control, supply chain visibility, and aims to create India's largest multi-product construction materials brand while targeting the $140 billion market with a focus on infrastructure amid India's $2 trillion National Infrastructure Pipeline. On May 28, 2024, Infra.Market raised $50 million (approximately Rs 416 crore) from MARS Unicorn Fund, a joint venture of AI-driven Liquidity Group and Japan's MUFG, structured as primary fundraising with both debt and equity via its Singapore unit, valuing the company at $2.5 billion—the same as its 2021 Series C led by Tiger Global. This doubles MARS' total investment to $100 million following a prior $50 million in 2022, with funds earmarked for global expansion, new markets, enhanced technological offerings, and product verticals; Northcote Luxe FinBrokers advised the deal. Backed by investors like Accel, Nexus, and Tiger Global, Infra.Market has grown retail supply in the last 12 months via flagship and dealership stores, claims profitability, and recently sold 10% of subsidiary RDC Concrete for $20 million to public investors in December 2023. MARS' commitment reflects AI-driven assessments of Infra.Market's financial integrity, execution, and high-growth potential in late-stage financing. |
| Jun 2022 | Undisclosed stage | Mars Growth Capital (lead) | $50M | $2.5B | Infra.Market, the Mumbai-based construction materials supplier, raised $50 million of growth capital from Liquidity Group's MARS Unicorn Fund in a round reported on 14 June 2022. The company said the money would be used to improve its technology and to push into new global markets and new product verticals, such as chemicals. It said it was doing more than a billion dollars of annual revenue, with exports above 25 percent of revenue across more than 10 countries. Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market supplies concrete, steel, pipes, plywood, fans, lights and other products to institutional customers and retail stores. The investment came ten months after its $125 million Series D led by Tiger Global at a $2.5 billion valuation. MARS invested a further $50 million in May 2024. |
| Aug 2021 | Series D | Tiger Global (lead) | $125M | $2.5B | Infra.Market is an Indian B2B startup headquartered in Mumbai that helps construction and real estate companies procure materials and manage logistics for projects. Founded five years prior to 2021, it disrupts traditional supply chains, particularly during the pandemic, by becoming a key partner for buyers. The company raised $125 million in its Series D round on August 3, 2021, led by Tiger Global, which also led the prior Series C in February 2021. This valued Infra.Market at a post-money $2.5 billion, up from $1 billion post-Series C and $200 million in December 2020. Previous investors include Nexus, Foundamental, and Accel Partners; total funding to date was about $275 million. Tiger Global partner Scott Shleifer highlighted the team's exceptional growth and disruption in the construction materials industry. Infra.Market plans to use the funds to expand into new markets, categories, and business verticals within the construction ecosystem, aiming for end-to-end solutions across project lifecycles. It is rapidly growing buyer wallet share by expanding product portfolios and market presence. The startup expects to surpass $1 billion in sales by the end of 2021. |
| Feb 2021 | Series C | Tiger Global (lead); Evolvence India Fund; Sistema Asia Capital; Foundamental; Accel; Nexus Venture Partners | $100M | $1B | Infra.Market is an Indian startup founded in 2016 that provides construction materials procurement, logistics, and related services to construction and real estate companies, aiming to digitize supply chains and offer end-to-end solutions. It operates private-label brands across categories like concrete, walling products, paint, electricals, and tiles, focusing on B2B high-volume products. In February 2021, it raised approximately $100 million in a Series C round led by Tiger Global, reaching unicorn status with a post-money valuation of $1 billion, following prior rounds including a $20M Series A in December 2019 from Nexus, Tiger Global, and Accel. The February 2021 round included investments from investors matching the query such as Accel, Nexus Venture Partners, and others like Tiger Global as lead, with Sistema Asia Capital and Foundamental also associated in broader investor lists. This marked a significant jump from $200 million valuation in December 2020. The funds supported scaling operations, nationwide expansion, engineering teams, and supply chain enhancements amid pandemic-disrupted traditional channels. Post this round, Infra.Market continued rapid growth, raising a $125M Series D in August 2021 led by Tiger Global at $2.5B post-money valuation, with plans to surpass $1B in sales by end-2021, expand geographies, product categories, and pursue acquisitions. The company has since pursued inorganic growth via acquisitions like RDC Concrete in 2021 and prepared for IPO with later rounds at $2.8B valuation. |
| Dec 2020 | Series B | Evolvence India Fund (lead); Sistema Asia Capital (lead); Foundamental (lead); Tiger Global; Accel; Nexus Venture Partners | $20M | $170M | Infra.Market is a Mumbai-based B2B online procurement marketplace for construction and real estate materials, leveraging technology for fair pricing, logistics, and project management. It operates in India and exports to countries like UAE, Singapore, Malaysia, and Bangladesh, with international sales at 10% of revenue. The company launched a subsidiary Hella Infra Market Retail in Oct 2019 for direct-to-retail expansion. On Dec 10, 2020, Infra.Market raised $20M in a Series B round led by Evolvence India Fund, with participation from Sistema Asia Fund, Foundamental, and existing investors Accel, Tiger Global, and Nexus Venture Partners, bringing total funding to about $50M. Funds were allocated to expand into new markets, deepen penetration in smaller Indian cities, grow private label brands from 40% to 70% of sales for higher margins, and boost direct-to-retail and international presence across 10 Indian states. For FY20 (Apr 2019-Mar 2020), Infra.Market reported revenue of INR 350 Cr, up 5.5x from INR 63 Cr in FY19, driven by operational income of INR 348.7 Cr mostly from product sales. Expenses rose to INR 339 Cr, yielding profit of INR 8.59 Cr, marking the fourth straight profitable year since 2016 incorporation; consolidated figures with subsidiary were INR 352 Cr revenue and INR 8.65 Cr profit. Around the Dec 2020 round, co-founder stated the company was on track for $100M ARR pre-pandemic, recovered post-lockdown to $180M ARR by late 2020, targeting $300M by Mar 2021. It maintained profitability amid COVID, with faster recovery in Tier 2 cities, and focused on scaling private labels for 15%+ margins while planning software services integration. |
| Jun 2020 | Series A | Trifecta Capital Advisors (lead) | $5M | - | Infra.Market raised $5.4 million in an equity and debt mix round from Trifecta Capital in June 2020 to support growth. Post-issue, Trifecta held a 0.33% stake. The company, founded in 2016 by Aaditya Sharda and Souvik Sengupta, aggregates demand and matches it with the supply chain, offering wholesale pricing on construction materials along with affordable credit for small businesses. It had expanded geographically from Bengaluru, Pune, and Mumbai to Tier II cities. |
| Dec 2019 | Series A | Nexus Venture Partners (lead); Tiger Global (lead); Accel | $20M | - | Infra.Market, the Mumbai-based business-to-business marketplace for construction materials, raised $20 million in a Series A round announced in December 2019. Tiger Global and Nexus Venture Partners led the round, and existing investor Accel Partners also took part. It followed a seed round of about $3.5 million from Accel earlier in 2019. The company, founded in 2016, links construction and real estate companies with building materials manufacturers and offers procurement, logistics and private-label products such as aerated concrete blocks. The money was meant to fund expansion into more Indian cities and support for small manufacturers. Infra.Market raised a Series B of $20 million in December 2020 and a $100 million Series C in February 2021 that valued it at $1 billion. |
| Jun 2019 | Seed | Accel (lead) | $4M | - | Accel invested about $3.5 million in Infra.Market, the Mumbai-based business-to-business marketplace for construction materials, in the summer of 2019 in what the company later described as its seed round. DealStreetAsia reported the investment on 20 August 2019, and Legally India put the round at $3.7 million, made in July. Accel was the sole named investor. Infra.Market was founded in 2016 and links construction and real estate companies with building materials manufacturers, handling procurement, logistics and private-label products. The seed money funded its expansion into more Indian cities, and Accel was followed by Nexus Venture Partners and Tiger Global in a $20 million Series A in December 2019. The company reached a $1 billion valuation in February 2021. |
Who has invested in Infra.Market?
14 investors have backed Infra.Market across its funding rounds, including Tiger Global, Accel, Nexus Venture Partners, Evolvence India Fund, Foundamental and Sistema Asia Capital.
Lead investors include Silver Line Homes, Tiger Global, MARS Unicorn Fund, Mars Growth Capital, Evolvence India Fund and 5 other investors.
Infra.Market Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 6 | Lead | Dec 2019 | ||
| 5 | Lead | Jun 2019 | ||
| 4 | Lead | Dec 2020 | ||
| 4 | Lead | Dec 2019 | ||
| 3 | Lead | Dec 2020 | ||
| 2 | Lead | Dec 2020 | ||
| 1 | Participant | Sep 2025 | ||
| 1 | Participant | Jan 2025 | ||
| 1 | Participant | Jan 2025 | ||
| 1 | Lead | May 2024 | ||
| 1 | Lead | Jun 2020 | ||
| 1 | Participant | Jan 2025 | ||
This data is available for Pro users. Sign up to see all 14 Infra.Market investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Infra.Market
Infra.Market has acquired 4 companies to date.
Last acquisition by Infra.Market was on July 8th 2025. Infra.Market acquired Metro Group for $23M.
Latest Acquisitions by Infra.Market
| Description | Metro Group is a ceramic tiles manufacturer producing glazed vitrified, polished, and wall tiles for residential and commercial flooring. Headquartered in Morbi, Gujarat, India, the company operates multiple production facilities with annual capacity exceeding 20 million square meters. It exports to Middle East and Africa markets under brands focused on durability and design variety. | Strata Geosystems is an India-headquartered geosynthetic manufacturer with global operations, producing geogrids, geocells, geocomposites, and drainage systems for civil engineering applications. The company supplies solutions for road reinforcement, soil stabilization, erosion control, and mining projects in over 50 countries, including major infrastructure works in Asia and the Middle East. | RDC Concrete is a Hyderabad-based supplier of ready-mixed concrete in India. The company operates batching plants across Telangana and Andhra Pradesh, producing mixes compliant with Indian Standards through in-house laboratories. Its logistics network ensures timely delivery for infrastructure projects, serving clients in residential, commercial, and public sector construction. | Equiphunt runs a peer-to-peer marketplace for construction equipment rentals, matching owners with nearby projects to minimize transport costs. The platform handles listings for excavators, lifts, and tools, with insurance verification, payment processing, and site proximity search for U.S. contractors. |
| HQ Country | ||||
| HQ City | Morbi | Mumbai | Mumbai | Hyderabad |
| Deal Date | 8 Jul 2025 | 26 Jun 2023 | 20 Sep 2021 | 30 May 2021 |
| Valuation | $23M | $122M | $100M | $10M |
| EV/Revenue | ||||
| EV/EBITDA | ||||
This data is available for Pro users. Sign up to see all Infra.Market acquisitions and their M&A valuation multiples. Start Free Trial | ||||
Investments by Infra.Market
Infra.Market has invested in 2 companies to date.
Latest investment by Infra.Market was on July 1st 2022. Infra.Market invested in Brik in their $3M Seed round.
Latest Investments by Infra.Market
| Description | Brik operates as a Jakarta-based marketplace aggregating construction materials like cement, steel, tiles, and plumbing supplies, connecting small and midsize contractors with nationwide vendors for streamlined procurement, pricing transparency, and delivery logistics in Indonesia. | Shalimar Paints Ltd is an Indian-based firm that is engaged in the manufacturing, selling, and distribution of paints, varnishes, enamels, and lacquers products. The company operates in one segment which is manufacturing and sale of paints. Its product offerings comprise Interior wall paints, Exterior wall paints, distempers, primers, putty, heavy-duty protective coating, GI coating, packaging coating, and others. Geographically, the company derives a majority of its revenue from its customers located in India. |
| HQ Country | ||
| HQ City | Jakarta | - |
| Deal Date | 1 Jul 2022 | 1 Jan 2022 |
| Round | Seed | Strategic investment |
| Raised | $3M | $36M |
| Investors | Analog Capital; Alternate Ventures; AC Ventures; Accel | - |
| Valuation | undisclosed | $144M |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Infra.Market investments and their VC round multiples. Start Free Trial | ||
Infra.Market Competitors
Infra.Market competitors include listed companies like Beijing United and Alibaba Group, and private ones like Moglix, Tuduoduo, GrubMarket and Dutchie.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $303M | - | $2.5B | 8.2x | ||
| Private | - | - | $2.3B | - | ||
| Private | - | - | $3.5B | - | ||
| Private | $45M | - | $3.8B | 83.3x | ||
| Publicly listed | $7.7B | $375M | $2B | 0.2x | ||
| Publicly listed | $154B | $15B | $246B | 1.5x |
Infra.Market Public Comps
Infra.Market is still privately-owned, but its public comps include Inchcape, Ocado Group, Beijing United, Modivo, Focus Technology, Revolve Group, Syoung Group, GoodRx, Gold.com and Moonpig Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $12B | $864M | 0.3x | 0.3x | 4.4x | 4.2x | |||
| $1.8B | $135M | 2.7x | 2.3x | 36.4x | 8.3x | |||
| $7.7B | $375M | 0.3x | 0.2x | 5.6x | 5.2x | |||
| $2.8B | $215M | 1.1x | 1.0x | 13.7x | 8.3x | |||
| $289M | $84M | 4.8x | 4.3x | 16.6x | 14.4x | |||
| $1.2B | $89M | 1.1x | 1.0x | 14.8x | 14.1x | |||
| $748M | $45M | 1.6x | 1.5x | 26.7x | 20.4x | |||
| $797M | $173M | 1.8x | 1.8x | 8.3x | 5.7x | |||
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Common questions about Infra.Market
| When was Infra.Market founded? | Infra.Market was founded in 2016. |
| Where is Infra.Market headquartered? | Infra.Market is headquartered in Mumbai, India. |
| Is Infra.Market publicly listed? | No, Infra.Market is a private, VC-backed company. |
| What is Infra.Market's valuation? | Infra.Market was last valued at $2.8B in its Series G in September 2025. |
| How much funding has Infra.Market raised? | Infra.Market has raised $578M across 10 funding rounds. |
| What was Infra.Market's last funding round? | Infra.Market's last funding round was a $83M Series G in September 2025, led by Silver Line Homes. |
| Who are Infra.Market's investors? | Infra.Market's investors include Tiger Global, Accel, Evolvence India Fund, Nexus Venture Partners, Foundamental, Sistema Asia Capital, NKSQUARED, Nuvama Wealth Management, Capri Global Capital, MARS Unicorn Fund and 4 others. |
| What is Infra.Market's revenue? | Infra.Market's latest recorded revenue is $2B (September 2025). |
| What is Infra.Market's revenue multiple? | Infra.Market's latest valuation implies a 1.4x revenue multiple ($2.8B valuation on $2B of revenue). |
| Which companies are comparable to Infra.Market? | Companies comparable to Infra.Market include Moglix, Tuduoduo, GrubMarket, Dutchie, Beijing United and Alibaba Group. |
| How many companies has Infra.Market acquired? | Infra.Market has acquired 4 companies, including Metro Group, Strata Geosystems, RDC Concrete and Equiphunt. |
| What was the largest acquisition by Infra.Market? | The $122M acquisition of Strata Geosystems in June 2023 is the largest acquisition Infra.Market has made to date. |
| How many companies has Infra.Market invested in? | Infra.Market has invested in 2 companies, including Brik and Shalimar Paints. |
| What was Infra.Market's last investment? | In July 2022, Infra.Market invested in Brik's $3M seed round alongside Analog Capital, Alternate Ventures, AC Ventures and 1 other investor. |
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