raises Rs 390 crore funding from Liquidity Group arm


Building materials market announced on Monday that it has raised $50 million (about Rs 390 crore) in funding from Liquidity Group’s Mars Unicorn Fund to fuel its growth ambitions.’s latest fundraising, which was valued at $2.5 billion when it last raised in August 2021, comes after non-disclosure reports of more than Rs 200 crore in revenue and investigations by income tax authorities earlier this year.

Founded in 2016, the company will use the new funds to improve its technology offerings and advance initiatives in new global markets, according to an official statement.

The construction market represents a $140 billion opportunity, the company said, adding that it will also benefit from the government’s announced $2 trillion national infrastructure pipeline.

Its annual revenue tops $1 billion and is expected to more than double by the end of this year, the statement said, adding that after the new funding, it expects exports to contribute $750 million. revenue by the end of the year.

Its founder, Souvik Sengupta, said the company wants to be the country’s largest multi-product building materials brand and transform the building materials supply chain globally.

“We are also branching out into new business areas outside of the construction ecosystem, such as chemicals, to enable us to provide end-to-end solutions to our customers across multiple industries,” said he added.

Ron Daniel, co-founder and chief executive of Liquidity Group, which is backed by financial giants like Apollo and Japan’s MUFG, said his assessment found the company was delivering on its promise to redo construction and infrastructure projects. in India and beyond.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor


Comments are closed.