MARS Growth Capital has infused an additional $50 million in India’s Infra.Market and extended the term of its existing financing of $100 million by five years as the building materials platform prepares for an initial public offering later this year.
MARS, which is a joint venture between private credit firm Liquidity Group and Japan’s MUFG Bank, has now committed a total of $150 million to Infra.Market.
This is the second time Infra.Market has raised capital this year. Earlier this year, the Mumbai-based firm secured $125 million in a Series D funding round. According to Tracxn, the firm is valued at $2.7 billion.
Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market offers end-to-end building materials solutions and operates a network of over 250 manufacturing units and 10,000 retail touchpoints across India. Its portfolio spans more than 15 product categories, including concrete, steel, walling solutions, paints, tiles, modular kitchens, and electrical appliances.
Backed by investors such as Tiger Global, Nexus Venture Partners and Accel, Infra.Market has also made strategic acquisitions in RDC Concrete, Shalimar Paints, Emcer, Millennium Tiles, and Amstrad.
Infra.Market’s Cap table
According to a report in The Economic Times, Infra.Market has been downgraded by India Ratings from A-/Negative Outlook to BBB+/Negative Outlook, citing concerns around debt refinancing, liquidity pressures, and negative cash flow from operations in FY25.
“The company has focused on prudent growth over the years. Even though debt has increased in line with business ramp-up and expansion into manufacturing, leverage and gearing metrics have been improving,” the report stated.
India Ratings flagged the company’s reliance on refinancing to meet repayment obligations, including Rs 1,600 crore due in FY26.
According to Tracxn, the firm had a profit of Rs 378 crore and a revenue of Rs 14,743 crore for the year ended 2024. For the same period, the firm had assets of Rs 10,741 crore and liabilities of Rs 7,343 crore.
