Construction material firm Infra.Market to raise $150 mn from Varde Partners

Mumbai: Business-to-business construction material startup Infra.Market will raise $150 million from Varde Partners. The capital will be raised through issuance of convertible instruments, and is part of the company plans to raise funds ahead of its initial public offering plans, said two people aware of the development. The company counts Accel Partners, Evolvence India, Sistema Asia Fund, Foundamental Gmbh and Nexus Venture Partners as its other investors. In June 2022, Infra.Market raised $50 million in growth capital from Liquidity Group's MARS Unicorn Fund, valuing it at $2.5 billion. "The convertibles will translate into equity shares around the time the company goes for an I PO," the first person quoted above said. The company is looking to hit the public markets in next 18- 24 months.