Building materials platform Infra.Market is set to raise Rs 1,049 crore (approximately $125 million) in its Series F funding round, marking a significant step forward for the company. This announcement comes shortly after the completion of its Series E funding round in September 2024.

As per regulatory filings with the Registrar of Companies, the board has approved the issuance of 49,149 compulsory convertible preference shares at Rs 2,13,439 each to secure the Rs 1,049 crore funding. The Series F round, likely a pre-IPO move, is structured in two tranches—Rs 498 crore (Series F) and Rs 551 crore (Series F1).

The first tranche of Rs 498 crore ($60 million) is led by existing investor Tiger Global, which has invested Rs 211 crore. Evolvence Group and Foundamental Fund have also participated, contributing Rs 168 crore and Rs 119 crore, respectively. Notably, this marks one of Tiger Global’s rare investments in 2024, following earlier participation in Wiz Freight and Jupiter’s NBFC arm.

The second tranche, totaling Rs 551 crore, includes contributions from Capri Global, Eudora Ventures, Kangaro Industries, SVV Limited, Premratan Exports, and Verity Knowledge. Prominent individual investors such as Ashish Kacholia, Nikhil Kamath, and Abhijit Pai are also participating, alongside further investments from Tiger Global, Evolvence, and Foundamental Fund.

Post-allotment, Infra.Market’s valuation is estimated at Rs 24,000 crore ($2.8 billion). The company offers a comprehensive range of building materials, including structural, finishing, and lifestyle products such as concrete, steel, AAC blocks, tiles, sanitaryware, and modular kitchens.

Infra.Market’s financial performance has been robust, with its consolidated gross revenue growing to Rs 14,530 crore in FY24 from Rs 11,847 crore in FY23. The company also reported a 2.4X increase in profit, reaching Rs 378 crore in the last fiscal year.

This latest funding round underscores Infra.Market’s strong growth trajectory and strategic positioning ahead of a potential IPO.