Infra.Market, the Mumbai-based B2B online marketplace for construction materials, has filed confidentially with the Securities and Exchange Board of India (SEBI) worth ₹5,000 crore through an initial public offering (IPO).
The issue will be divided between a fresh issue of shares and an offer for sale (OFS), each forming about half of the total size, as per the news reports.
The confidential filing has been made under Regulation 59C of SEBI’s Issue of Capital and Disclosure Requirements (ICDR) Regulations. The route, introduced in 2022, allows companies to submit draft prospectuses without immediate public disclosure, shielding sensitive business information from competitors.
As per the news reports, the IPO plans follow a recent fundraise of ₹732 crore from promoters and existing shareholders that valued Infra.Market at about $2.8 billion. Promoter entity Silverline Homes Pvt Ltd, owned by founders Aaditya Sharda and Souvik Sengupta, invested ₹250 crore in the round, lifting their combined stake to around 30%.
Zerodha cofounder Nikhil Kamath’s NK Squared invested ₹200 crore, while Tiger Global, Accel India, Evolvence India Fund, and Nexus Ventures also participated.
Infra.Market closed FY25 with revenues of approximately ₹18,000 crore and net profit of about ₹300 crore, as per the news reports. In FY24, the company reported revenues of ₹14,743.5 crore and a net profit of ₹378 crore, according to Tracxn.
Founded in 2016, Infra.Market supplies a wide array of products, including concrete, steel, pipes, plywood, electrical appliances, and fixtures, catering to developers, contractors, and architects. The company has also raised $150 million in debt from Mars Growth Capital, including a $50 million tranche in June 2025, to support expansion and strengthen its product portfolio.
Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, Jefferies, ICICI Securities, HSBC Securities, Motilal Oswal Financial Services, and Nuvama Wealth Management have been appointed as lead bankers for the issue.
Several high-profile startups such as PhonePe, Groww, Swiggy, Shiprocket, Boat, and PhysicsWallah have also used SEBI’s confidential IPO route.
Read More: WeWork India IPO: Competitors Awfis, Smartworks and IndiQube; Key Details Inside!
Infra.Market’s confidential IPO filing signals its intent to scale up further while diversifying funding sources. With robust revenue growth, strong investor backing, and expansion into new verticals, the upcoming issue will be closely watched in India’s startup and construction materials ecosystem.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Oct 1, 2025, 4:19 PM IST
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