Infra.Market raises debt financing of Rs 200 crore

New Delhi: B2B building materials market Infra.Market has raised Rs 200 crore by issuing debentures to a group of investors led by financial institution Avendus, people briefed have said.

The funding is intended to help meet the working capital needs of the Tiger Global-backed company, the sources said. Infra.Market became a unicorn — a private startup valued at $1 billion or more — in February.

“This is a three-year debt financing. The company is also in talks to raise equity,” a person with knowledge of the matter said. In addition to Avendus, the family office of Phoenix Mills and Dalmia Group Holdings also participated in the fundraising.

Infra.Market had acquired RDC Concrete, a ready-mixed concrete company for Rs 730 crore in September. We learn that the debentures were secured by personal guarantees from the founders of Infra.Market, Souvik Sengupta and Aaditya Sharda, and shares of the acquired company.

Infra.Market declined to comment. Avendus, Phoenix Mills and Dalmia Group Holdings did not respond to questions from ET by press time Sunday.

Founded in 2016, the Mumbai-based online marketplace has so far raised nearly $270 million in equity funding across five rounds. Its last equity fundraising of $125 million in August valued the company at $2.5 billion, sources said. Infra.Market recorded sales of Rs 1,273 crore in the 2020-21 financial year and net profit of Rs 35.9 crore.

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The company hosting the online market is registered with the Registrar of Companies as Hella Infra Market Pvt Ltd. Between fiscal years 2019-2020 and 2020-21, the company’s revenues have increased by a factor of 3.5.

The company has two business lines: it supplies concrete, cement, chemicals, steel and electricity to the construction industry, and also develops a private label business with its own branded products such as ready-mixed concrete.

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