Infra.Market has successfully raised $50 million from the MARS Unicorn Fund, a collaborative venture between Liquidity Group and MUFG. This latest investment brings the total funding from MARS and Liquidity to $100 million, following a previous investment of $50 million in 2022. Although the company did not disclose its current valuation, it was valued at $2.5 billion during an equity round in August 2021.

Established in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market specializes in the sale of construction materials, infrastructure goods, and technical equipment. The company is targeting the $140 billion construction materials market, focusing heavily on the infrastructure sector. Infra.Market serves both institutional customers (B2B) and retail outlets (D2R) across 16 states in India, and it exports to international markets including Dubai, Singapore, Jordan, and Italy.

In the previous year, Infra.Market divested 10% of its stake in RDC Concrete, valued at $20 million, to investors led by Ashish Kacholia. Infra.Market had acquired RDC Concrete for $90 million in September 2021 and holds a majority stake in Strata Geosystems, Equiphunt, and Halonix.

To date, Infra.Market has raised approximately $500 million through both equity and debt. According to TheKredible, a startup intelligence data platform, Tiger Global is the largest external stakeholder with a 21.33% share, followed by Accel and Nexus Ventures holding 16.87% and 8.46%, respectively, before the current funding round.

Infra.Market is among the few unicorns in India that achieved a more than nine-fold increase in gross scale from FY21 to FY23 while maintaining profitability. The company’s gross revenue surged to Rs 11,846 crore in FY23 from Rs 1,240 crore in FY21. However, its profit for the fiscal year ending March 2023 decreased by 17% to Rs 155 crore from Rs 187 crore in FY22.