New Delhi, Sept. 18 -- Hella Infra Market Ltd, the parent firm of B2B construction materials platform Infra.Market, has raised Rs 732 crore (around $83.1 million) in its Series G funding round led by the Nikhil Kamath-backed Nksquared.

The round saw participation from existing backers including Accel India, Nexus Ventures, and Tiger Global. Evolvence India Fund and co-founders Souvik Sengupta and Aaditya Sharda also participated in the funding mop-up that valued the company at around Rs 24,600 crore (roughly $2.8 billion)

Silverline Homes, through which the cofounders invested, emerged as the largest subscriber with an investment of Rs 250 crore, followed by NKSquared at about Rs 200 crore, and Tiger Global's Internet Fund V at Rs 176 crore.

Accel and Nexus invested around Rs 44 crore and Rs 18 crore, respectively, while Evolvence committed a similar Rs 44 crore.

The company is set to file its draft red herring prospectus (DRHP) in the coming days as it gears up for a public listing, a person aware of the development told VCCircle.

The fundraising follows Infra.Market's steady expansion across materials supply and infra solutions. The Thane-based firm, founded by Sengupta and Sharda in 2016, has been one of the most heavily funded startups in India's construction-tech space.

In January 2025, it raised $121 million in a pre-IPO round led by Tiger Global at a valuation of around $2.8 billion. This was followed by a $50 million debt raise in June 2025 from Mars Growth Capital, which had already extended $100 million earlier, taking total debt financing from the lender to $150 million.

The company began as a digital platform to organise procurement of construction materials by bringing transparency in pricing, consolidating vendors, and ensuring quality control. Over the years, it has expanded into manufacturing, private labels, and retail distribution, building a multi-product, multi category supply base for the infrastructure and real estate sector.

Infra.Market's rapid expansion has faced higher capex requirements and liquidity pressures as it scales manufacturing and logistics operations. Its consolidated revenue jumped 26% in FY25 to Rs 18,300 crore and operating profit rose 48% to Rs 1,560 crore, but net debt also surged nearly 40% year-on year to Rs 4,370 crore, exceeding its own projections, VCCircle reported earlier this year.

Published by HT Digital Content Services with permission from VC Circle.