Infra.Market, a leading B2B online infra procurement platform in the country is all set to buy a 24% stake in Shalimar Paints Limited (SPL). The firm has also proposed to invest Rs 270 crore in Shalimar Paints via a combination of equity and debentures.

Established in 1902, Shalimar Paints has been in the business of industrial coatings, decorative paints and allied product types.

Infra.Market’s decision will not only pit the construction solutions firm against paint biggies like Berger Paints, Asian Paints, JSW Paints, Kansai Nerolac and Indigo Paints, but it will additionally allow the unicorn to deepen its play in making a horizontal construction material-managed marketplace. In September 2021, The Tiger Global-supported firm bought 100% in RDC Concrete India Private Limited, the biggest non-cement ready mix concrete firm in India worth approximately Rs 730 crore and went on to purchase Hyderabad-based Equiphunt in a $10 million contract.

For the legacy paints brand, the association might support it getting back in the game. In FY21, the firm clocked an operating income of Rs 325.56 crore and a loss of Rs 49.35 crore. The corresponding numbers for the prior fiscal year reached Rs 343.85 crore and Rs 37.73 crore, respectively.

Begun in 2016 by Aaditya Sharda and Souvik Sengupta, Infra.Market is worth $2.5 billion and is the biggest B2B online infra acquisition platform in India. The firm has been increasing at a brisk pace, taking its income from Rs 350 crore in FY20 to Rs 1,242 crore in FY21. Private labels make up about 60% of the income of the profitable unicorn, which has its aggregates, branded concrete, construction chemicals, walling solutions, bath fittings, and sanitary tiles brand. The firm is now clocking a revenue run rate of Rs 6,000 crore for the coming fiscal.

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Also read: Infra.Market acquires RDC Concrete India