Infra.Market, one of India’s largest tech-enabled building materials marketplaces, has confidentially pre-filed its IPO papers with the Securities and Exchange Board of India (SEBI) in a move expected to raise around ₹5,000 crore (about $563 million). The IPO will comprise roughly equal portions of fresh shares and an Offer for Sale (OFS) by existing investors, using SEBI’s confidential filing route to keep sensitive financial and strategic data under wraps until nearer to the listing date.
Recent IPO Developments
Infra.Market’s confidential IPO filing comes on the back of a strong growth phase and signals its readiness to tap the public markets. This confidential filing trend, adopted by several large startups in 2025, allows companies to test IPO viability and regulatory feedback before full public disclosure. The IPO is being managed by a syndicate of top investment banks, including Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, Jefferies, ICICI Securities, HSBC, Motilal Oswal, and Nuvama Wealth.
Major Funding Rounds and Valuation
In September 2025, Infra.Market raised ₹732 crore (about $83 million) in a Series G round led by Nikhil Kamath’s NK Squared family office, with significant participation from founders Souvik Sengupta and Aaditya Sharda, Accel, Tiger Global, Nexus, and Evolvence. This round valued the business at ₹24,600 crore (around $2.8 billion). Earlier in 2025, the company also raised $121 million led by Tiger Global and secured $50 million in debt from Mars Growth Capital. Previous rounds have cumulatively raised well over $400 million since its founding in 2016.
Ongoing Financial Performance
Infra.Market reported robust financials for FY24, with revenues of ₹14,530-14,743 crore—a year-on-year jump of about 23%. Profit after tax surged 2.4X to ₹378 crore. By FY25, revenues reportedly reached close to ₹18,000 crore, with an EBITDA of ₹1,500 crore and PAT of ₹300 crore. The company has built one of the largest supply chains in the construction tech sector, serving over 10,000 retail touchpoints and operating more than 250 manufacturing units nationwide.
Infra.Market Business and Recent Moves
Founded by Souvik Sengupta and Aaditya Sharda, Infra.Market runs a B2B and retail distribution platform for construction materials, digitising procurement and manufacturing through its private labels—RDC Concrete, Million Tiles, Shalimar Paints—and expanding into segments like concrete, tiles, paints, steel, and electricals. In July 2025, the company acquired a majority stake in Metro Group (ceramic tiles) in a ₹200 crore share swap, strengthening its position in the fast-growing ceramics and tiles segment.
Startups Going Public and DRHP Filings
Infra.Market joins a robust list of Indian startups headed for IPOs in 2025—including PhonePe, Meesho, Shadowfax, PhysicsWallah, Groww, Shiprocket, boAt, Aequs, Clean Max Enviro, and Capillary Technologies—which have all filed confidentially or with the markets regulator in recent months. Upcoming mega IPOs in related sectors include Clean Max Enviro (₹5,200 crore), Fractal Analytics (₹4,900 crore), and others showing the strength of India’s tech-driven public offerings pipeline.
Market Competition
Infra.Market’s main competitors include:
- OfBusiness: FY24 revenue ₹19,296 crore.
- Zetwerk: FY24 revenue ₹14,436 crore.
- Moglix: FY24 revenue ₹4,964 crore.
Other construction tech players include Powerplay, Brick&Bolt, and Bandhoo, each focusing on procurement, SaaS, or execution in the construction and infrastructure verticals.
Recently, Moglix has announced the appointment of Sanjeev Arora as its new Chief Financial Officer (CFO). In this role, Sanjeev will lead the company’s financial strategy and operations, with a focus on capital planning and advancing its long-term growth journey, including preparations for entry into public markets.
Infra.Market’s rapid growth, robust financials, and continued M&A activity have positioned it as a leader in India’s massive construction materials ecosystem. With its IPO on the horizon and a fresh round of expansion capital secured, Infra.Market stands out as a bellwether for the country’s burgeoning construction tech sector entering the public markets
