Construction goods and services platform Infra.Market has divested approximately 7% of its stake worth $20 million in RDC Concrete to investors led by Zerodha’s co-founder Nikhil Kamath.The round saw participation from various investors such as Capri Global Family Office, Sumeet Kanwar from Verity and Abhijeet Pai-led Wear Steels.
The company had earlier divested a 10% stake in RDC Concrete to certain investors led by Ashish Kacholia in November 2023. Infra.Market had acquired RDC Concrete for $90 million in mid of 2021 when it had 49 RMC plants, which claims to have grown to 100 plants across 48 cities.
The development comes on the heels of $50 million funding announced by Infra.Market. The fund was pumped in by MARS Unicorn Fund which is a joint venture of Liquidity Group and MUFG.
Founded by Anil Banchhor, RDC Concrete manufactures and supplies Ready Mix Concrete (RMC). Apart from normal concrete mixes of various grades, RDC Concrete also produces special concrete solutions using its infrastructure and technology and ensures product and service quality. RDC Concrete expects to have more than 100 RMC plants by the end of FY25.
With more than 10,000 retail touchpoints and over 30 flagship showrooms, Infra.Market supplies all its products under its own brand names Infra.Market, IVAS, Shalimar Paints and RDC.
The firm has raised around $500 million across equity and debt and is valued at around $2.5 billion. As per startup data intelligence platform TheKredible, its gross revenue rose to Rs 11,846 crore in FY23 from Rs 6,285 crore in FY22. During the fiscal year ending March 2023, the firm’s profit slipped 17% to Rs 155 crore from Rs 187 crore in FY22.
