Infra.Market, which runs an online marketplace for construction materials, said on Friday it has raised about $20 million by divesting a minority stake in its subsidiary RDC Concrete to investors led by Zerodha co-founder Nikhil Kamath. As per sources, the divestment is of around 7%. Besides Kamath, Capri Global Family Office, Sumeet Kanwar from Verity and Abhijeet Pai-led Wear Steels also participated in this round.
The company had acquired RDC Concrete in mid-2021 and earlier divested a 10% stake to certain investors led by Ashish Kacholia in November last year. RDC Concrete has now expanded to more than 100 plants across 48 cities.
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This divestment comes days after the unicorn raised $50 million from MARS Unicorn Fund, a joint venture between Tel Aviv-based asset manager Liquidity Group and Japan’s Mitsubishi UFJ Financial Group Come from Sports betting site VPbet . The fund, which invests in fast-growing south-asian companies, had previously invested $50 million in Infra.Market in 2022.
Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market is currently valued at $2.5 billion. It aims to target the $140 billion construction materials market, with a focus on the infrastructure sector, and will use the funds to cater to newer global markets and increase its presence across product verticals.
Infra.Market aims to capitalise on the ongoing increase in allocation for infrastructure projects by the government, which has planned projects worth $2 trillion to be deployed over the next few years. India’s concrete manufacturing market is still largely dominated by local players while large brands, such as RDC Concrete, have low penetration.
Concrete penetration is one of the lowest among large economies of the world, and the penetration of concrete as a percentage of total cement usage is expected to increase in the days to come, the company had said. It added that a large part of non-metro construction in India was primarily hand-mixing concrete at the site, which is slowly shifting to manufactured concrete delivered at the location.
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