Tiger Global-backed Infra.Market's co-founders Aaditya Sharda and Souvik Sengupta are raising personal debt through their holding entity, Silverline Homes Pvt Ltd, to inject fresh capital into the company. According to reports from Mint, the promoters are also approaching existing investors to participate in this equity raise as the planned IPO liquidity remains distant. The promoter-backed infusion underscores pressure building across India's pre-IPO cohort, with companies forced to shore up balance sheets through insider capital before testing public market appetite.
The proposed promoter-backed capital injection comes despite multiple fundraises in the past year. As reported by Mint, Infra.Market received SEBI approval in January 2026 to proceed with a potential ₹5,000 crore IPO comprising fresh shares and an offer for sale by investors. However, the company had proposed raising funds through its IPO by Q2FY27 (July 2026) but that timeline now appears increasingly uncertain. The company is targeting an updated filing by June-end or July with March quarter financials, with preliminary IPO meetings with potential investors pushed back as investors seek cheaper entry points amid heightened scrutiny.
In fiscal 2025, Infra.Market registered 22% year-on-year growth in its top line, reaching ₹6,053 crore compared to the previous year's ₹4,969 crore. According to Mint, the firm's earnings before interest, taxes, depreciation, and amortisation rose to ₹587 crore from ₹418 crore, translating to a 40% growth. However, profit was squeezed by nearly 60% to ₹133 crore against the previous year's ₹317 crore, mainly due to an impairment of ₹100 crore in its subsidiary. The company's debt-to-tangible net worth ratio stood at 1.77x as of March 2026, indicating heavy reliance on debt funding.
According to Mint reports, early demands for discounts in the IPO are as steep as 35%, with no mutual fund wanting to enter at the $2.8 billion valuation mark amid debt raise and additional equity funding. The company's audited financials for fiscal 2026 are not yet available. Other than the co-founders, Infra.Market's backers include Tiger Global Management (20.1% stake), Accel India (14.7%) and Nexus Venture Partners (7.3%). As of March 2026, Sharda and Sengupta held a cumulative 20.4% stake in the company.
As reported by Mint, volatile markets and slowing capital flows amid the US-Iran war have forced several companies to recalibrate IPO plans, with global uncertainty putting about ₹18,000 crore of planned fundraising at risk. SEBI has extended the validity of IPO approvals and allowed companies to trim offer sizes without refiling draft papers. For Infra.Market, a successful IPO would help strengthen its capital structure and remains a key rating monitorable, according to Acuité analysts. Despite high debt leverage, the company expects adequate liquidity over the medium term with equity infusion of over ₹800 crore till February and refinancing of ₹750 crore in FY26.
