By Inc42 Media
While Yubi pumped in INR 80 Cr across two tranches, IKF Home Finance infused INR 40 Cr in the B2B ecommerce startup
Earlier this year, Inc42 reported that the Mumbai-based startup was looking to raise around INR 500 Cr in debt across multiple tranches
Infra.Market saw its net profits decline 17% YoY to INR 155.2 Cr in FY23, while operating revenue jumped 90% YoY to INR 11,846.5 Cr
B2B ecommerce platform Infra.Market
has raised INR 185 Cr (about $22 Mn) in debt funding from multiple investors.
As per the startup’s filings with the Registrar of Companies (RoC), it raised the debt from digital lending unicorn Yubi (formerly CredAvenue), agriculture financing platform Samunnati, Vivriti Capital, among others, by issuing non-convertible debentures.
While Yubi pumped in INR 80 Cr across two tranches, IKF Home Finance infused INR 40 Cr in the startup. Meanwhile, Raymond and Samunnati invested INR 25 Cr and INR 20 Cr, respectively, in the debt round. Vivriti Capital also invested INR 20 Cr in the B2B marketplace.
It is pertinent to note that Inc42 reported in February that the Mumbai-based startup was looking to raise around INR 500 Cr in debt across multiple tranches. The latest fundraise is likely to be part of this INR 500 Cr.
Prior to this, Infra.Market also raised INR 100 Cr in a debt round from non-banking financial company SK Finance.
Last month, the construction unicorn also secured around INR 390 Cr in an equity round from Liquidity Group and Mitsubishi UFJ Financial Group’s MARS Unicorn Fund.
Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market manufactures construction materials under its private-label brands and leverages technology to digitise the procurement process.
With brands such as IVAS, Shalimar Paints and RDC under its kitty, the startup sells building material like concrete, AAC Blocks, steel, pipes and fittings, MDF, among others.
Backed by the likes of Tiger Global, Accel and Nexus Ventures, the startup has raised a funding of around $520 Mn to date. It competes with the likes of OfBusiness, Moglix and Zetwerk, among others.
Infra.Market clocked a net profit of INR 155.2 Cr in the fiscal year 2022-23 (FY23), down 17% from INR 185.9 Cr in FY22. Operating revenue jumped 90% year-on-year (YoY) to INR 11,846.5 Cr during the year under review.