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Infra.Market, the Accel- and Tiger Global-backed construction materials solutions firm, has taken a significant step toward going public, filing for an initial public offering (IPO) worth Rs 5,000 crore through the confidential filing route. The move comes on the back of strong financial performance in FY25 and a recent Rs 730 crore pre-IPO fundraise, as the company looks to tap India’s booming infrastructure and construction sector.
Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market has grown rapidly to become one of India’s leading construction materials providers. The company offers end-to-end solutions across more than 15 categories, including concrete, steel, walling, tiles, paints, and electricals, serving both institutional clients (B2B) and retail outlets (B2R). Its network spans over 250 manufacturing units and 10,000 retail touchpoints across India.
Infra.Market is currently the second-largest player in India by revenue in the ready-mix concrete (RMC) segment and holds the second-largest capacity in AAC blocks and flooring tiles, demonstrating its dominant presence in key construction categories.
The confidential filing route, introduced by Sebi in November 2022, allows companies to submit their IPO draft documents privately. Unlike the standard Draft Red Herring Prospectus (DRHP), details such as sensitive business metrics or financial risks remain undisclosed to the public and competitors. This enables companies to maintain confidentiality while evaluating market conditions and finalising listing plans. Several other prominent companies, including PhonePe, Tata Capital, Tata Play, Oyo, Swiggy, Vishal Mega Mart, Credila Financial Services, Indira IVF, and PhysicsWallah, have opted for the confidential filing route.
A source familiar with the development indicated that the IPO will likely have a roughly 50:50 split between the primary issuance and the offer-for-sale (OFS) component, allowing both the company and existing investors to participate.
The IPO filing comes shortly after Infra.Market’s Series G pre-IPO fundraise of Rs 730 crore, considered the final private round ahead of the public listing. The round was led by Zerodha co-founder Nikhil Kamath’s family office, NKSquared, which contributed Rs 200 crore. The company’s founders, Souvik Sengupta and Aaditya Sharda, invested Rs 250 crore collectively, while existing investors including Accel, Tiger Global, Nexus, and Evolvence added Rs 280 crore. This capital infusion not only bolstered liquidity but also increased the founders’ combined stake to around 30%, officially classifying them as promoters before the IPO.
Infra.Market’s financial performance in FY25 reflects its strong growth trajectory. The company reported revenues of Rs 18,000 crore, EBITDA of Rs 1,500 crore, and profit after tax (PAT) of Rs 300 crore. Year-on-year, revenue increased 23% to Rs 14,530 crore, while PAT rose 2.5 times to Rs 378 crore, according to RoC filings.
The company has also diversified its funding sources over the past year. In June 2025, Infra.Market raised $150 million in debt from MARS Growth Capital, a joint venture between MUFG Bank and Liquidity Group. Earlier, it had raised $120 million from a mix of existing and new investors, including Tiger Global, Foundamental, Evolvence, Nikhil Kamath, Ashish Kacholia, Abhijit Pai, Sumeet Kanwar, Nuvama, and Capri Global.
Industry analysts note that Infra.Market’s IPO plans reflect confidence in India’s infrastructure sector, which has seen consistent growth driven by government spending, urban development, and a surge in construction activity. The company’s strong market position, extensive distribution network, and diversified investor base position it well to capitalize on these opportunities.
With the confidential filing now completed, market watchers expect Infra.Market to finalize its IPO size, pricing, and timeline in the coming months. The public listing will mark another milestone for the firm, providing it with the capital to expand operations, strengthen its balance sheet, and enhance its presence across India’s construction materials market.
