Infra.Market company profile: valuation, funding & revenue

This Infra.Market company profile covers the company's valuation, revenue, funding rounds, investors and history. Infra.Market works in B2B commerce, with a focus on construction materials manufacturing and supply. It was founded in 2016 and is headquartered in Thane, Maharashtra, India. Its latest valuation on record is About ₹24,600 crore (roughly US$2.8 billion) (September 2025). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

Funding history

Infra.Market timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2016 — Infra.Market is founded in Thane by Aaditya Sharda and Souvik Sengupta.
• Sep 2025 — Series G: About ₹732 crore, valuing the company at About ₹24,600 crore.
• June 2026 — Pre-IPO round: Reported plans to raise about ₹500 crore at a post-money valuation of about ₹25,000 crore.

Investors

Overview

Infra.Market supplies construction materials such as ready-mix concrete, cement, steel, blocks, tiles, pipes, paints, plywood, sanitaryware and electrical products to builders, contractors, infrastructure developers and retailers in India and abroad. It started as an online procurement platform connecting buyers with manufacturers, but has transformed into a manufacturer and brand owner in its own right, producing many products under its own labels through owned and partner factories. It has become one of India's largest construction materials companies built by a startup.

Aaditya Sharda and Souvik Sengupta founded Infra.Market in 2016. The founders saw how fragmented, opaque and inefficient construction materials buying was in India. The company is based in Thane, near Mumbai.

Business model

Infra.Market's model has evolved through three stages. First, it aggregated orders from builders and sourced materials from manufacturers, earning a margin and providing reliable delivery and quality checks. Second, it worked with manufacturers to produce goods under its own brands, giving it better margins and control. Third, it acquired and built its own manufacturing capacity, including ready-mix concrete plants, and expanded into retail through stores and distribution networks. It also offers credit to customers through partners. This combination aims to make it a "one-stop shop" for construction materials across project types.

Funding

Infra.Market raised money from Tiger Global, Accel, Nexus Venture Partners, Foundamental, Evolvence, Sistema Asia Fund and Mars Growth Capital, among others, and became a unicorn in 2021. In September 2025 it raised about ₹732 crore in a Series G round at a valuation of about ₹24,600 crore, according to Inc42, roughly US$2.8 billion at prevailing exchange rates. In 2026 it was reported to be raising a final pre-IPO round of about ₹500 crore at a post-money valuation of about ₹25,000 crore. It has also used debt, including a reported ₹1,250 crore loan from Singapore-based Ascertis Credit in early 2026.

IPO plans

SEBI, India's market regulator, approved Infra.Market's IPO of about ₹5,000 crore in January 2026, comprising new shares and shares sold by existing investors. Later reports said the company would instead pursue a route via Shalimar Paints, a listed paint maker in which it had taken a stake, potentially becoming a material subsidiary of the listed company. The exact listing path was still developing at the time of our last check, so we list Infra.Market as private.

Competition

Infra.Market competes with large established manufacturers such as UltraTech Cement, Asian Paints, Pidilite and steel producers; with regional suppliers and dealers; and with other B2B commerce companies such as OfBusiness and Moglix. Its advantages are breadth of product categories, a mix of manufacturing and distribution, and relationships with large builders.

Infra.Market at a glance

Infra.Market is a Thane, India, construction materials company founded in 2016 by Aaditya Sharda and Souvik Sengupta. It manufactures and supplies concrete, building products and finishes under its own brands. It raised about ₹732 crore in a September 2025 Series G at about ₹24,600 crore and received SEBI approval for an IPO in January 2026 before reports of an alternative listing route via Shalimar Paints.

Timeline

• 2016: founded as a construction materials procurement platform.
• 2019–2020: begins private-label manufacturing with partner factories.
• 2021: becomes a unicorn with backing from Tiger Global and others.
• 2022–2024: expands manufacturing, retail and international business.
• September 2025: raises about ₹732 crore in a Series G at about ₹24,600 crore.
• January 2026: SEBI approves its IPO; later reports describe a route via Shalimar Paints.

India's construction boom

India is investing heavily in roads, railways, airports, ports, housing and urban infrastructure, and its construction sector is one of the largest in the world by volume. Demand for cement, steel and building products has grown accordingly. Yet the supply chain remains fragmented, with many small dealers and inconsistent quality. Companies that offer reliable supply, consistent quality and credit can win large customers. Our guide to the largest Indian startups covers Infra.Market alongside other B2B companies.

Risks

• Working capital and debt: manufacturing and credit-based sales tie up cash, and ratings agencies have flagged its credit profile.
• Cyclicality: construction demand rises and falls with economic conditions and interest rates.
• Competition: large incumbents have strong brands and distribution.
• Listing uncertainty: the path and timing of a public listing have changed.

Questions for builders and contractors

• How consistent is quality across batches and plants?
• What delivery reliability and credit terms are available?
• How do prices compare with established brands and local dealers?

Private labels and margins

Trading construction materials made by others earns thin margins, often a few percent. Selling products under its own brands, made in owned or partner factories, lets Infra.Market capture more of the value, because it controls pricing, quality and branding. Ready-mix concrete, for example, must be produced close to construction sites and delivered quickly, so owning plants in key cities creates a local advantage. The trade-off is higher capital investment and operational complexity, which is why Infra.Market has needed both equity and debt funding.

Who buys from Infra.Market

Its customers include large real estate developers, infrastructure contractors building roads and metro systems, small builders and contractors, and retailers that resell products to homeowners. Large customers value consistent supply across many sites and credit terms, while smaller ones value access to branded products at fair prices. Exports to markets in the Middle East, Africa and elsewhere add another channel.

How it compares with OfBusiness

Infra.Market and OfBusiness are often compared because both started as B2B platforms and moved into manufacturing and credit. OfBusiness serves a broad range of small manufacturers with raw materials and lends through Oxyzo, while Infra.Market focuses on construction and builds consumer-facing brands in categories such as paints, tiles and fittings. Both have planned IPOs, and their listings would give public investors a direct way to compare how markets value these hybrid models.

Latest developments (October 2026)

Infra.Market received approval from India's securities regulator in January 2026 for an IPO of about ₹5,000 crore, split between new shares and an offer for sale, according to NiftyTrader, and arranged about ₹1,250 crore of debt from Ascertis Credit in February. We found no listing date by October 2026. Its September 2025 round valued it at about US$2.8 billion.

What to watch

Watch the listing route and timing, the pre-IPO round, debt levels and credit ratings, and margins in manufacturing and retail.

Takeaways

Builders can buy a wide range of materials from one supplier. Founders can see how a marketplace evolved into a manufacturer to improve margins. Investors should watch leverage and the eventual listing valuation.

Sources

Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.

1. Inc42
2. Indian Infrastructure