Tiger Global-backed Infra.Market buys RDC Concrete for Rs 730 crore
RDC Concrete was purchased by Infra. Market, a Tiger Global-backed building products marketplace, from private equity firm True North. True North bought RDC Concrete, India's largest non-cement ready mix concrete manufacturer, in 2005.
RDC Concrete was purchased by Infra. Market, a Tiger Global-backed building products marketplace, from private equity firm True North. True North bought RDC Concrete, India's largest non-cement ready mix concrete manufacturer, in 2005.
According to people familiar with the situation, Infra. The market paid Rs 730 crore ($100 million) for a 100 percent stake in RDC. In 2005, True North paid $20 million for the company.
Construction firms, real estate developers, contractors, infrastructure companies, road projects, industrial projects, commercial projects, and private owners are among the clientele of RDC Concrete, which makes and delivers Ready Mix Concrete (RMC).
It has 52 facilities across India and expects to generate over 1000 crore in revenue in FY22. In FY20, it made Rs 830 crore in revenue. RDC Concrete India was founded in 1993 with RDC Concrete Singapore as a partner.
“RDC has continuously delivered industry-leading operational and financial performance thanks to its customer-focused strategy. RDC has developed at an exponential rate over the previous decade, and with a dedicated partner like Infra. market, we expect this trend to accelerate,” said Ashish Bhargava, Partner, True North.
“One of the first product categories we started with was concrete, where we believed that combining technology and a better customer experience would allow us to create a unique offering in the industry. “Today's acquisition of RDC is a big milestone for us since we have effectively achieved a category-defining position in the concrete sector and established ourselves as a market leader,” stated Souvik Sengupta, Founder, Infra. Market.
In May, Infra. The market paid $10 million for a majority stake in Equiphunt, a Hyderabad-based construction equipment rental provider.
Infra. Market, based in Mumbai, raised $100 million in a new funding round led by New York-based investment firm Tiger Global in February, valuing the company at $1 billion. Accel, Nexus Venture Partners, Evolvence India Fund, and Sistema Asia Fund are among its other investors.
True North is exiting for the second time in 2021.
True North sold its controlling share in Atria Convergence Technologies to Swiss PE fund Partners Group last month for roughly Rs 9,000 crore in Enterprise Value.
