Infra.Market sells 7% stake in subsidiary RDC Concrete for Rs 166 crore
Infra.Market on Friday said it has sold a minority stake in its subsidiary RDC Concrete for $20 million (about Rs 166 crore) in a round led by Zerodha co-founder Nikhil Kamath.
The round saw participation from investors such as Capri Global Family Office, Verity Knowledge Solutions CEO Sumeet Kanwar and Abhijeet Pai-led Wear Steels.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitMIT xPROMIT Technology Leadership and InnovationVisitIIT DelhiCertificate Programme in Data Science & Machine LearningVisitThe funds will be used for tapping growth opportunities in new products and market expansion, said a statement from the Tiger Global-backed company.
The Thane-based company has sold a 7% stake in RDC Concrete in this round, according to people with knowledge of the matter.
In December 2023, ET had reported that Infra.Market had sold a 10% stake in RDC Concrete for $20 million to public market investors led by Ashish Rameshchandra Kacholia.
Infra.Market had acquired RDC Concrete for $90 million in September 2021 and has since expanded to about 100 plants across 48 cities.
“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,” Infra,Market co-founder Souvik Sengupta said in a statement.
According to the company, its revenue in 2023-24 was about Rs 14,000 crore and net profit was Rs 300 crore. It has yet to file audited
