The Mumbai-based company has secured shareholder approval to issue up to 1.25 lakh non-convertible debentures (NCDs) with a face value of Rs 1 lakh each, filings with the registrar of companies (RoC) showed.
The development comes as Infra.Market recently received approval from the Securities and Exchange Board of India (Sebi) for its proposed Rs 5,000 crore initial public offering (IPO).
The filings added that the debentures will be secured through hypothecation of certain company assets and pledge of promoter shareholding and shares of group companies, including RDC Concrete, Neptune Readymix, and Robo Quarries.
The proceeds will largely be used to refinance existing borrowings, ET has learnt.
Founded in 2016 by Aaditya Sharda and Souvik Sengupta, Infra.Market supplies building materials such as concrete, steel, pipes and fittings, plywood, fans, lights, and kitchen and electrical appliances to real estate developers, contractors, and architects.
Backed by Tiger Global and Accel, the company confidentially filed its draft papers in October 2025. A month earlier, in September, it had raised nearly Rs 732 crore from promoters and existing shareholders, valuing it at around $2.8 billion.
The round included Rs 250 crore infused by the founders through promoter entity Silverline Homes. Zerodha cofounder Nikhil Kamath’s NK Squared invested about Rs 200 crore, while Tiger Global put in Rs 176 crore. Accel India and Evolvence India Fund invested Rs 44 crore each, and Nexus Venture Partners contributed Rs 17.6 crore.
For the financial year ended March 2025, the company reported a 27% year-on-year (YoY) increase in consolidated operating revenue to Rs 18,472 crore. Net profit declined to Rs 219.7 crore from Rs 378 crore a year earlier.
Infra.Market competes with companies such as Zetwerk, OfBusiness, and Moglix.
