New Delhi, Oct. 1 -- Digital platform for construction materials Infra.Market has filed for an initial public offering (IPO) worth Rs 5,000 crore (around $564 million) using SEBI's confidential pre-filing route.
While the confidential route allows the company to keep key financials, business metrics, and risk disclosures under wraps during the early stages of regulatory review, a person aware of the development told that it will 50-50 split between offer-for-share (OFS) and primary issue.
Just weeks prior to this IPO filing, Infra.Market raised Rs 732 crore (around $82.6 million) from its promoters, Evolvence India, and existing investors, including Accel India, Nexus Ventures, and Tiger Global. Earlier this year, the company also raised $121 million fundraiser led by Tiger Global in January and a debt infusion of $50 million from Mars Growth Capital.
Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market operates across more than 15 categories, including cement, tiles, paints, steel, and electricals. It sells via a combination of B2B institutional channels and a retail network spanning over 10,000 touchpoints, backed by over 250 manufacturing units. For the financial year 2025, the company clocked revenues of about Rs 18,000 crore, with EBITDA of Rs 1,500 crore and a profit after tax of Rs 300 crore.
However, the Thane-based company's rapid expansion has faced higher capex requirements and liquidity pressures as it scales up manufacturing and logistics operations. Its net debt surged nearly 40% year-on-year to Rs 4,370 crore as of March 2025, exceeding its own projections, VCCircle reported earlier this year.
Meanwhile, Infra.Market joins the long list of Indian startups that have chosen SEBI's confidential pre-filing route for their IPOs. These include logistics/e-commerce support platform Shiprocket, digital insurance distribution firm Turtlemint, Stock broking firm Groww, e-commerce firm Meesho, consumer electronics company boAt, delivery services company Shadowfax, and edtech firm PhysicsWallah, among others, have opted for the confidential route.
Published by HT Digital Content Services with permission from VC Circle.