By Haripriya Suresh and Ashwin Manikandan
(Reuters) – Indian construction material supply firm Infra.Market has raised $121 million in a funding round led by existing backer Tiger Global, at a valuation of $2.8 billion, according to regulatory filings reviewed by Reuters.
The round also saw participation from other investors, including Evolvence, Foundamental GmbH, and Zerodha co-founder Nikhil Kamath among others.
The funding comes ahead of the company’s initial public offering planned later this year.
The company, which provides cement, tiles, paints to large-scale infrastructure projects in India, has also appointed eight investment banks for its IPO.
These include Kotak Mahindra Capital, IIFL Capital, Goldman Sachs, Jefferies, ICICI Securities, HSBC Securities, Motilal Oswal Financial Services, and Nuvama Wealth Management, according to news reports.
According to its filings, Infra.Market reported a revenue of 145.3 billion rupees ($1.68 billion) and profit of 3.78 billion rupees in the financial year ending March 2024.
($1 = 86.4530 Indian rupees)
(Reporting by Ashwin Manikandan; Editing by Varun H K)
