Infra.Market to raise Rs 500 crore in pre-IPO round at Rs 25,000 crore valuation

Mumbai-based construction materials platform Infra.Market is set to raise around Rs 500 crore in a fresh pre-IPO funding round at a post-money valuation of about Rs 25,000 crore, according to two people aware of the development.

The Series H round, which is expected to close over the next few weeks, is likely to be the company’s final private capital raise before its planned stock market listing, the people cited above said.

The round is expected to see participation from a mix of new investors, existing institutional backers and the company’s founders. Existing investors including Tiger Global, Accel and Nexus Venture Partners are likely to participate alongside co-founders Aaditya Sharda and Souvik Sengupta.

While the new investors could not be ascertained, sources said a family office is likely to participate in the round.

People aware of the matter said the fresh capital is expected to be used partly to reduce debt and strengthen the balance sheet ahead of the IPO.

Infra.Market did not respond to queries sent by Moneycontrol.

Modest valuation uptick

The latest fundraise comes at a marginal increase from the company’s previous funding round. Moneycontrol had reported earlier that Infra.Market raised Rs 732 crore in a Series G round in September 2025 at a valuation of around Rs 24,600 crore. The round was led by NKSquared, while promoter entity Silverline Homes also invested alongside existing backers including Tiger Global, Accel, Evolvence India and Nexus Ventures.

According to Registrar of Companies (ROC) filings reviewed by Moneycontrol, the company has already raised around Rs 235 crore as part of the ongoing Series H financing. Investors in the tranche include Tiger Global, Accel, Evolvence India, Nexus Venture Partners, Ashish Kacholia and Verity’s Sumeet Kanwar.

People aware of the matter said the remaining capital is expected to be closed in the coming weeks. Infra.Market has raised more than $500 million in funding since inception, according to publicly available data.

The latest funding discussions come months after Infra.Market confidentially filed draft IPO papers with the Securities and Exchange Board of India for a proposed Rs 5,000 crore public issue.

The company later received SEBI’s observations in January 2026, clearing the way for the IPO process, according to people aware of the matter.

The proposed IPO is expected to comprise a near-even split between fresh issue shares and an offer for sale by existing investors.

Sources said the company is targeting a public listing within the next four to six months, subject to market conditions and regulatory approvals.

Operating performance improves

For FY26, Infra.Market is estimated to have reported consolidated revenue of close to Rs 20,000 crore, up around 7 percent from roughly Rs 18,500 crore in FY25, according to people aware of the company’s financial performance.

EBITDA for the year stood at around Rs 1,750-1,800 crore, with margins improving to roughly 9 percent from about 8 percent a year earlier. Net profit rose to around Rs 300-325 crore in FY26 from nearly Rs 220 crore in FY25, the people cited above said.

The figures could not be independently verified as the company’s audited FY26 financial statements are yet to be filed.

Founded in 2016 by Aaditya Sharda and Souvik Sengupta, Infra.Market operates a technology-enabled platform across multiple construction material categories including ready-mix concrete, steel, paints, electricals and modular kitchens.