Infra.Market utilized SEBI’s confidential pre-filing route in October 2025 to keep its draft papers private during the initial review. With the regulator’s “observation letter” now issued, the company is cleared to move forward with the listing on both the NSE and BSE.
The IPO Structure
The offering is designed as a balanced mix of primary and secondary capital to fuel growth while providing liquidity to early backers.
- Fresh Issue: Approximately ₹2,500 crore will be raised through new equity to fund manufacturing expansion and debt repayment.
- Offer for Sale (OFS): Approximately ₹2,500 crore will be sold by existing shareholders, including founders and early investors.
- Investment Banks: The issue is being managed by a high-profile syndicate including Kotak Mahindra Capital, Goldman Sachs, Jefferies, ICICI Securities, and Motilal Oswal.
Financial Performance & Valuation
Ahead of the filing, Infra.Market raised approximately ₹732 crore in September 2025 from its founders and existing investors like Tiger Global, Accel, and Nikhil Kamath (NK Squared), cementing its valuation.
| Metric | FY24 (Actual) | FY25 (Latest) | YoY Change |
| Operating Revenue | ₹14,530 Crore | ₹18,472 Crore | ▲ 27% |
| Net Profit | ₹378 Crore | ₹219.7 Crore | ▼ 42% |
| Current Valuation | ~$2.5 Billion | ~$2.8 Billion | ▲ 12% |
The “Margin vs. Scale” Trade-off
While revenue showed robust 27% growth, the company saw a significant 42% dip in net profit in FY25. Management attributed this to aggressive investments in its private-label brands (concrete, steel, and tiles) and the expansion of its retail footprint, which now spans over 10,000 touchpoints.
Strategic Market Position
Founded in 2016 by Aaditya Sharda and Souvik Sengupta, Infra.Market has evolved from a simple marketplace into a vertically integrated construction material giant.
- Multi-Category Reach: The platform supplies everything from RMC (Ready-Mix Concrete) and aggregates to electrical appliances and modular kitchens.
- B2B Dominance: It serves major real estate developers, contractors, and architects, competing with other unicorns like Zetwerk, OfBusiness, and Moglix.
- Retail Expansion: The company operates over 30 flagship stores, aiming to become the “Home Depot of India” for institutional buyers.
Conclusion: A Bellwether for B2B Tech
Infra.Market is one of 12 companies to receive SEBI’s nod this week, signaling a massive surge in the 2026 primary market. As a profitable (though currently margin-pressured) unicorn, its listing will be a key test of investor appetite for high-growth, asset-heavy B2B technology platforms. The company is expected to announce its price band and official launch dates by early February 2026.
