Constructions materials company Infra.Market has divested approximately 10% of its stake in RDC Concrete to investors, including Ashish Kacholia, for about $20 million or about Rs 166 crore, the company said on Monday.
The divestment in RDC Concrete further paves the way for RDC's IPO plans in the near future offering investors an opportunity to be part of the company's future in the construction material sector, the company said in a statement.
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"Infra.Market has strategically divested approximately 10% of its stake in RDC Concrete to investors led by Ashish Kacholia. The company has raised approximately $20 million from public market investors led by Ashish Kacholia," the statement said.
Current fund raise has closed at a valuation of approximately $225 million.
"The investment in RDC reflects our commitment to driving growth and fostering leadership within the construction industry. 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.
Infra.Market had acquired independent ready-mix concrete company RDC Concrete for $ 90Mn in mid of 2021 when it had 49 RMC plants, which has currently grown to 100 plants across 48 cities.
RDC Concrete expects to have around 180 RMC plants by the end of the financial year 2025, the statement said.
"It's a pleasure for us to participate in this financing round and partner with a great team building a lasting organization. We look forward to being good partners in the further growth of the company and are excited for the journey ahead," Kacholia said.
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