Varde Partners Invest $150 million in construction material startup Infra.Market

Varde Partners Invest $150 million in construction material startup Infra.Market

Construction material startup Infra.Market receives new investment from Varde Partners. The startup offers B2B services in construction segment. The investment from Varde Partners comes just as the construction material startup is planning to launch IPO. Indian stock markets are currently at their all-time highs and companies planning to launch IPO at this stage, have higher chances to getting positive response from primary and secondary market investors. Varde Partners will be issued convertible instruments by for USD 150 million investment. Accel Partners, Evolvence India, Sistema Asia Fund, Foundamental Gmbh and Nexus Venture Partners have earlier invested in the company.

In June 2022, raised $50 million. The last funding round valued the company at $2.5 billion. The company plans to launch its IPO within 18-24 months. The convertible instruments will be converted to equity shares before IPO launch, as per people privy to the developments. was founded in 2016 by Souvik Sengupta and Aaditya Sharda in 2016. The company offers better procurement options to businesses in construction segment. The company claims transparency and innovative use of technology as its major benefits. Additionally, it has been engaged in high-volume construction products under its own brands.

Indian startups have been finding it difficult to raise money this year. As per industry reports, the funding has reduced drastically. Some of the startups raised money at lower valuations compared to their target. Many startups have been asked by investors to show profits. Majority of unicorns in India have not reported profit since they started operations. Despite burning cash, many of these startups are raising funds at higher valuations compared to their previous funding rounds.

Infra.Market will use USD 100 million to fund a buyout of Strata Geosystems India. As per reports, around $100 million will be used to acquire majority ownership in Strata Geosystems (India) from US-based Glen Raven Incorporated, maker of technical and performance textiles.