Infra.Market Raises $20 Mn By Divesting 10% Stake in RDC Concrete The manufacturing unicorn had acquired RDC Concrete, the independent ready-mix concrete company, for US$ 90Mn in mid of 2021
By S Shanthi
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Construction materials unicorn Infra.Market has strategically divested approximately 10% of its stake in RDC Concrete to investors led by Ashish Kacholia. This divestment in RDC Concrete further paves the way for RDC's IPO plans in the near future offering investors an opportunity to be part of the company's promising future in the construction material sector, the unicorn company said.
Founded in 2016 and valued today at $2.5 billion, Infra.Market had acquired RDC Concrete, the independent ready-mix concrete company, for US$ 90Mn in mid of 2021 when it had 49 RMC plants, which has currently grown to 100 plants across 48 cities. RDC Concrete expects to have around 180 RMC plants by the end of FY25. Current fund raise has closed at a valuation of approximately US$ 225 Mn.
Commenting on the announcement, Souvik Sengupta, Co-founder, Infra.Market, said, "The investment in RDC reflects our commitment to driving growth and fostering leadership within the construction industry. It is also a testament to the team at RDC which has been at the forefront of an astonishing journey. We look forward to witnessing RDC's continued evolution and contributing to its promising journey in the sector as we welcome the new investors in the company."
Speaking on his stake in RDC, investor Ashish Kacholia said, "Our interactions with the team at RDC has left us with a great understanding of the opportunities in India's ready mix concrete market and the potential for the team at RDC to tap the opportunities. It's a pleasure for us to participate in this financing round and partner with a great team building a lasting organization. We look forward to being good partners in the further growth of the company and are excited for the journey ahead.
Speaking on the divestment, Anil Banchhor, MD & CEO, RDC Concrete, said, "This significant milestone symbolizes not just validation of our growth story, but also a testament to the vision of our team in pioneering the concrete market in India. This partnership further aligns perfectly with our mission to revolutionize the construction materials industry. RDC is strategically positioned for unparalleled growth and innovation. Together, we are set to redefine the benchmarks of success in our sector and contribute meaningfully to the India's construction material sector."
