Mumbai-based building materials platform Infra.Market announced on June 30, 2025, that it has secured US$150 million in financing from Mars Growth Capital.

This deal consists of a five-year extension of a prior US$100 million facility and an additional US$50 million investment.

Mars Growth Capital is a joint venture between Liquidity, an AI-driven private credit firm, and MUFG Bank, Ltd. Northcote Luxe FinBrokers served as exclusive advisors for this transaction.

Infra.Market, founded in 2016, operates over 250 manufacturing units and 10,000 retail touchpoints across India.

The platform provides various construction materials, including concrete, steel, tiles, paints, and electricals.

It serves both institutional and retail customers.

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🔗 Source: Infra.Market

🧠 Food for thought

1️⃣ Strategic debt financing supports Infra.Market’s pre-IPO growth

Infra.Market’s $150 million debt financing comes at a strategic time as the company prepares for a reported $700 million initial public offering 1.

This financing structure, extending an existing $100 million facility while adding $50 million, demonstrates how construction technology companies are utilizing debt alongside equity to fuel expansion without excessive dilution.

The company had already secured approximately ₹1,050 crore (~$125 million) in a Series D equity round earlier this year, suggesting a deliberate capital strategy balancing different funding sources 1.

This approach reflects a broader trend in maturing startups: raising significant debt financing as they approach public offerings to strengthen balance sheets while preserving equity value.

Infra.Market has now raised over $438 million across both debt and equity investments ($288.8 million previously documented plus the latest $150 million), positioning it as one of the most well-funded construction technology companies in India’s rapidly growing infrastructure sector.

2️⃣ Vertical integration creating market leaders in fragmented construction supply

Infra.Market has rapidly achieved market leadership by vertically integrating manufacturing and distribution across the construction materials supply chain, becoming a major player in categories including Ready Mix Concrete, AAC blocks, and flooring tiles 2.

This integration strategy spans 250+ manufacturing units and 10,000+ retail touchpoints, creating scale in a traditionally fragmented sector where builders previously had to manage numerous suppliers 2.

The company’s strategic investments in established brands like RDC Concrete, Shalimar Paints, and others have allowed them to control quality and logistics while building market share across 15+ product categories 2.

This approach addresses industry pain points by streamlining procurement for builders, contractors, and government agencies while maximizing wallet share in construction projects through private label development 1.

The model is particularly relevant in India’s construction sector, which is projected to reach INR 25.31 trillion by 2025 with an annual growth rate of 11.2%, creating massive demand for organized building material supply chains 3.

3️⃣ Construction tech platforms benefiting from India’s infrastructure growth policies

Infra.Market’s rapid expansion comes amid supportive government initiatives and increased budget allocations for infrastructure development, creating a favorable environment for construction technology companies 4.

The $255 billion (INR 21,934 billion) building materials market that Infra.Market targets is being driven by large-scale infrastructure projects, with the company directly participating in significant developments like Mumbai Metro and Navi Mumbai Airport 2.

This growth aligns with broader industry shifts toward digital transformation, with construction firms increasingly adopting technological solutions to enhance efficiency in procurement and project management 5.

The company’s use of in-house technology for sales and manufacturing management reflects the industry’s evolution toward more efficient, technology-enabled operations—a key trend identified in the 2025 construction outlook 5.

As government spending on infrastructure continues to increase, platforms that can effectively organize supply chains and deliver consistent quality at scale are positioned to capture significant market share in India’s expanding construction economy.

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