Infra.Market has continued to grow rapidly over the past few fiscal years, with FY24 being no exception, as the company grew its revenue by 23% and crossed the Rs 14,500 crore revenue threshold. At the same time, its profit after tax jumped by over 2.4X in the fiscal year ending March 2024.
Infra.Market’s consolidated gross revenue rose to Rs 14,530 crore from Rs 11,847 crore in FY23, according to the firm’s press release. This growth was steered by increased demand and expanded market presence across its construction material categories.
Infra.Market generates revenue from construction materials, infrastructure goods, and technical equipment. The Mumbai-based company didn’t provide a revenue and expense breakdown in the release.
Infra.Market reported Rs 378 crore in profit after tax (PAT) for FY24, representing a surge of 2.4X compared to Rs 155 crore in FY23. The increase in PAT also led to an improvement in PAT margins, which grew from 1.3% in FY23 to 2.6% in FY24. Meanwhile, EBITDA margins improved from 6.6% in FY23 to 7.5% in FY24.
As of FY24, Infra.Market's expansion efforts include investments in manufacturing capabilities and the launch of private-label products in categories like concrete, walling solutions, paints, electricals, wood, and tiles. The company stressed that its retail and consumer segments have also gained traction, supplementing its traditional B2B base.
To date, Infra.Market has raised around $540 million across equity and debt. According to the startup intelligence platform TheKredible, Tiger Global remains the largest external stakeholder, followed by Accel and Nexus Ventures, after the latest funding infusion.
Infra.Market is also preparing for an initial public offering (IPO) and may soon file its draft red herring prospectus (DRHP). Its competitors include OfBusiness, Moglix, Zetwerk, and MetalBook, among others. Notably, OfBusiness is also aiming to list on stock exchanges in the next fiscal year (FY26). The SoftBank-backed has emerged as the leader in the space with Rs 19,296 crore in revenue and Rs 6o3 crore profit after tax.