Construction materials provider on Friday said it has sold a minority in its subsidiary for $20 million (about Rs 166 crore) in a round led by co-founder . The round saw participation from investors such as , CEO Sumeet Kanwar and Abhijeet Pai-led . The funds will be used for tapping in and , 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 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 for the financial year with the Registrar of Companies. For 2022-23, Infra.Market had reported a revenue of Rs 11,846 crore, up nearly 90% year-on-year, while its net profit decreased to Rs 155 crore from Rs 186 crore in the previous year.
Commenting on the development, Kamath said, “By adopting cutting-edge, new-age technologies in concrete, RDC is setting a benchmark in the indust.