Mumbai, June 30 -- MARS Growth Capital has infused an additional $50 million in ⁠⁠Infra.Market and extended the term of its existing financing of $100 million by five years as the building materials platform prepares for an initial public offering later this year.

MARS, a joint venture between private credit firm Liquidity and MUFG Bank, has invested about $150 million in the IPO-bound company with this transaction, Infra.Market said in a statement on Monday.

The first tranche of $100 million, which had a three-year tenure starting in 2022, was predominantly used towards making paints and tiles. The additional proceeds will be used to manufacture concrete and autoclaved aerated concrete blocks.

Northcote Luxe FinBrokers was...