Infra.Market, a construction materials company, and Everest Fleet, a mobility startup, have both raised large sums of money to grow their businesses. Infra.Market is preparing for an IPO, while Everest Fleet continues to expand its fleet with Uber’s support.
Infra.Market is planning to raise between $150-200 million (around Rs 1,250-1,650 crore) in a pre-IPO funding round. The company’s current investors, including Tiger Global, Foundamental, and Evolvence, are expected to increase their stakes. Infra.Market is also in talks with new investors as it prepares for a public listing later this year.
Infra.Market’s valuation is expected to be higher than the $2.5 billion it achieved in 2021, thanks to its strong financial performance. Once this funding round is completed, the company plans to file for its IPO by December.
The company has hired Kotak Mahindra Capital, Goldman Sachs, and Jefferies to manage the IPO. Through the IPO, Infra.Market expects to raise over $500 million.
Everest Fleet, a Mumbai-based mobility startup, has raised Rs 251.7 crore (about $30 million) in its Series C round from Uber. This marks Uber’s second investment in Everest Fleet, which operates a fleet of cars for the ride-hailing giant.
Everest Fleet raised the funds by issuing 13,726 Series C preference shares, according to filings with the Registrar of Companies (RoC). With this investment, Everest Fleet is now valued at $425 million, according to TheKredible.
The funds will be used for day-to-day operations, working capital, and expansion. Uber now holds an 11.37% stake in the company, making it the largest external shareholder. Siddharth Anand Ladsariya, the company’s founder, holds 52%, while the Employee Stock Option Plan (ESOP) pool represents 4.76% of the company.
Everest Fleet, a key Uber partner in India, has grown rapidly. For FY24, the company expects revenue to rise to Rs 1,015-1,020 crore, more than double the Rs 466 crore it earned in FY23.
Both companies have ambitious plans for growth. Infra.Market is preparing for a public listing and aims to increase its presence in the construction sector through digital solutions. Everest Fleet will continue to expand its fleet operations with Uber’s support, with a focus on adding electric vehicles.