ETtechConstruction materials provider Infra.Market on Friday said it has sold a minority stake in its subsidiary RDC Concrete for $20 million (about Rs 166 crore) in a round led by Zerodha co-founder Nikhil Kamath.
The round saw participation from investors such as Capri Global Family Office, Verity Knowledge Solutions CEO Sumeet Kanwar and Abhijeet Pai-led Wear Steels.
The Thane-based company has sold a 7% stake in RDC Concrete in this round, according to people with knowledge of the matter.
In December 2023, ET had reported that Infra.Market had sold a 10% stake in RDC Concrete for $20 million to public market investors led by Ashish Rameshchandra Kacholia.
Infra.Market had acquired RDC Concrete for $90 million in September 2021 and has since expanded to about 100 plants across 48 cities.
“We look forward to witnessing RDC's continued evolution and contributing to its promising journey in the sector as we welcome the new investors in the company,” Infra,Market co-founder Souvik Sengupta said in a statement.
According to the company, its revenue in 2023-24 was about Rs 14,000 crore and net profit was Rs 300 crore. It has yet to file audited financials for the financial year with the Registrar of Companies.
For 2022-23, Infra.Market had reported a revenue of Rs 11,846 crore, up nearly 90% year-on-year, while its net profit decreased to Rs 155 crore from Rs 186 crore in the previous year.
Commenting on the development, Kamath said, “By adopting cutting-edge, new-age technologies in concrete, RDC is setting a benchmark in the industry. We are actively seeking companies who ensure that India's growth and environmental sustainability progress hand in hand. Robust infrastructure is the backbone of a thriving nation, and investing in it is crucial for long-term prosperity.”
On Tuesday, Infra.Market raised $50 million (about Rs 416 crore), structured with both debt and equity, at a valuation of $2.5 billion in a funding round from Mars Unicorn Fund, a joint venture of Liquidity Group and Mitsubishi UFJ Financial Group.
The funds will be used to enter new overseas markets and broaden its presence across different product verticals, the company said in a statement.
Recently, Kamath has invested in several startups. On May 22, he invested in Vijay Subramaniam-led Collective Artists Network, a talent management agency.
On May 20, ET reported that new-age men’s apparel and fashion brand Rare Rabbit is closing its maiden institutional funding round of Rs 500 crore led by investment fund A91 Partners. It will also see participation from Kamath and the family office of Ravi Modi, founder of Vedant Fashions, which runs ethnic fashion brand Manyavar.
On April 23, ET reported that electric two-wheeler maker Ather Energy is in talks for raising a “significant round of funding” with existing investor, Flipkart co-founder Sachin Bansal, selling a significant part of his holding in the company to Kamath. According to people aware of the matter, Kamath may buy out Bansal’s remaining stake in the firm.
In January, listed gaming and media firm Nazara Technologies said that its board had approved a proposal to raise Rs 250 crore through a preferential issue of shares to existing investors, including ICICI Prudential and Kamath.
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The funds will be used for tapping growth opportunities in new products and market expansion, said a statement from the Tiger Global-backed company.
The Thane-based company has sold a 7% stake in RDC Concrete in this round, according to people with knowledge of the matter.
In December 2023, ET had reported that Infra.Market had sold a 10% stake in RDC Concrete for $20 million to public market investors led by Ashish Rameshchandra Kacholia.
Infra.Market had acquired RDC Concrete for $90 million in September 2021 and has since expanded to about 100 plants across 48 cities.
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“We look forward to witnessing RDC's continued evolution and contributing to its promising journey in the sector as we welcome the new investors in the company,” Infra,Market co-founder Souvik Sengupta said in a statement.
According to the company, its revenue in 2023-24 was about Rs 14,000 crore and net profit was Rs 300 crore. It has yet to file audited financials for the financial year with the Registrar of Companies.
For 2022-23, Infra.Market had reported a revenue of Rs 11,846 crore, up nearly 90% year-on-year, while its net profit decreased to Rs 155 crore from Rs 186 crore in the previous year.
Commenting on the development, Kamath said, “By adopting cutting-edge, new-age technologies in concrete, RDC is setting a benchmark in the industry. We are actively seeking companies who ensure that India's growth and environmental sustainability progress hand in hand. Robust infrastructure is the backbone of a thriving nation, and investing in it is crucial for long-term prosperity.”
On Tuesday, Infra.Market raised $50 million (about Rs 416 crore), structured with both debt and equity, at a valuation of $2.5 billion in a funding round from Mars Unicorn Fund, a joint venture of Liquidity Group and Mitsubishi UFJ Financial Group.
The funds will be used to enter new overseas markets and broaden its presence across different product verticals, the company said in a statement.
Recently, Kamath has invested in several startups. On May 22, he invested in Vijay Subramaniam-led Collective Artists Network, a talent management agency.
On May 20, ET reported that new-age men’s apparel and fashion brand Rare Rabbit is closing its maiden institutional funding round of Rs 500 crore led by investment fund A91 Partners. It will also see participation from Kamath and the family office of Ravi Modi, founder of Vedant Fashions, which runs ethnic fashion brand Manyavar.
On April 23, ET reported that electric two-wheeler maker Ather Energy is in talks for raising a “significant round of funding” with existing investor, Flipkart co-founder Sachin Bansal, selling a significant part of his holding in the company to Kamath. According to people aware of the matter, Kamath may buy out Bansal’s remaining stake in the firm.
In January, listed gaming and media firm Nazara Technologies said that its board had approved a proposal to raise Rs 250 crore through a preferential issue of shares to existing investors, including ICICI Prudential and Kamath.
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