Infra.Market to raise ₹500 crore at ₹25,000-cr valuation

What the pre-IPO Series H round signals

Mumbai-based construction materials platform Infra.Market is set to raise around ₹500 crore in a fresh pre-IPO funding round, at a post-money valuation of about ₹25,000 crore, according to people aware of the development. The financing is being structured as a Series H round and is expected to close over the next few weeks. Sources described it as potentially the company’s final private capital raise before its stock market debut. The round is expected to see participation from a mix of new investors, existing institutional backers, and the founders.

Who is expected to participate

Existing investors including Tiger Global, Accel and Nexus Venture Partners are likely to participate in the Series H round, alongside co-founders Aaditya Sharda and Souvik Sengupta. The list of participants mentioned in the report reflects Infra.Market’s continuing reliance on a combination of global venture capital, domestic institutional money, and founder support as it approaches the public markets. The presence of repeat investors typically indicates continuity in the cap table as the company transitions to a listed structure.

ROC filings show ₹235 crore already raised

Registrar of Companies (ROC) filings reviewed by Moneycontrol indicate the company has already raised around ₹235 crore as part of the ongoing Series H financing. Investors in this tranche include Tiger Global, Accel, Evolvence India, Nexus Venture Partners, Ashish Kacholia and Verity’s Sumeet Kanwar. The partial raise suggests the round is being completed in tranches, with additional capital expected to come in before the formal close.

IPO papers filed confidentially with SEBI

The latest funding discussions come months after Infra.Market confidentially filed draft IPO papers with the Securities and Exchange Board of India (SEBI) for a proposed ₹5,000 crore public issue. Multiple reports cited a roughly equal split between fresh issue and offer-for-sale (OFS) components, implying a 50:50 structure. In another account, the IPO size was described in a wider band of ₹4,500 crore to ₹5,500 crore, also via the confidential pre-filing route.

Target listing window: 4 to 6 months

Sources said Infra.Market is targeting a public listing within the next four to six months, subject to market conditions and regulatory approvals. The company used SEBI’s confidential pre-filing route in October 2025, which keeps early-stage draft documents private during the regulator’s initial review. With SEBI’s “observation letter” issued, the company is cleared to move forward with listing plans on both the NSE and BSE.

Proposed IPO structure and use of proceeds

One version of the proposed structure outlined a balanced mix of primary and secondary issuance. A fresh issue of about ₹2,500 crore is expected to fund manufacturing expansion and debt repayment. An OFS of about ₹2,500 crore would provide liquidity to existing shareholders, including founders and early investors. This structure, if executed, would aim to combine growth capital with partial exits.

Banks advising the issue

Across reports, the IPO syndicate includes Kotak Mahindra Capital, Goldman Sachs, Jefferies, ICICI Securities and Motilal Oswal. Another report listed additional merchant bankers, including IIFL Capital and HSBC. The company spokesperson declined to disclose details or timing of the IPO when contacted, according to PTI.

Financial snapshot and valuation trajectory

Infra.Market’s valuation has been discussed at multiple points across recent rounds. A Series G pre-IPO fundraise of about ₹730 crore valued it at around ₹24,600 crore (about $1.8 billion), according to a Moneycontrol report. Separately, a regulatory filing-based report said the company was valued at $1.8 billion (₹24,147 crore) after a $121 million raise.

On operating performance, a table shared in the material showed operating revenue of ₹14,530 crore in FY24 and ₹18,472 crore in FY25, with a year-on-year increase of 27%. Net profit in the same table was ₹378 crore in FY24 and ₹219.7 crore in FY25. The brief also stated FY26 revenue is nearing ₹20,000 crore and net profit has increased to ₹325 crore.

Key funding rounds leading into the IPO

Infra.Market’s pre-IPO fundraising has included a Series G round of about ₹730 crore, described as a final private round ahead of the listing in one account. That round was led by Zerodha co-founder Nikhil Kamath’s family office, NKSquared, contributing ₹200 crore. The founders invested ₹250 crore collectively, while Accel, Tiger Global, Nexus, and Evolvence added ₹280 crore.

The company also raised $150 million in debt in June 2025 from MARS Growth Capital, a joint venture between MUFG Bank and Liquidity Group. Earlier, it raised $120 million from a mix of investors including Tiger Global, Foundamental, Evolvence, Nikhil Kamath, Ashish Kacholia, Abhijit Pai, Sumeet Kanwar, Nuvama, and Capri Global.

Summary table: funding, IPO and financial metrics

Market impact and what investors will watch

The immediate market relevance is centered on pricing and timing: the Series H valuation of about ₹25,000 crore is above the ₹24,600 crore valuation cited for the Series G round, indicating an upward step-up ahead of the IPO. The confidential route can reduce execution risk by allowing SEBI feedback before documents become public, but the final IPO size, pricing and timeline are still expected to be decided in the coming months.

Investors will also track the mix between primary capital and OFS because it influences how much new money goes into the business versus shareholder liquidity. The company has indicated, through the reported use-of-proceeds plan, that a substantial portion of fresh funds may go into manufacturing expansion and debt repayment. The participation of founders across recent rounds is also notable because one report said the prior fundraise helped the founders increase their combined stake to around 30%, classifying them as promoters ahead of the IPO.

Conclusion

Infra.Market’s planned ₹500 crore Series H round and the ₹25,000 crore valuation discussion place the company in an advanced stage of IPO preparation. With SEBI’s confidential filing process underway and an observation letter issued, the next milestones are the finalisation of IPO structure, price band and launch dates, subject to approvals and market conditions.