Infra.Market is in advanced discussion stage to acquire electrical equipment company Halonix at a cost of around Rs 675-750 crore.

Infra.Market had already acquired RDC Concrete for $100 million in September. 2021 has turned out to be eventful for the online acquisition platform Infra.Market. While the firm turned unicorn in February with a $100 million round directed by Tiger Global, it’s in late-stage discussions to raise another round at more than $4 billion.

Discussions have been ongoing between Infra.Market and Halonix for the last couple of months and have reached an advanced step. Infra.Market has additionally given a term sheet to Halonix.

Halonix is an electrical firm that produces LED, luminaires, home decorative, commercial and industrial lighting and street lighting along with halogens and high-intensity discharge lamps, fans and IoT-enabled devices. In 2016, it was purchased by Hong Kong-based NewQuest Capital from Actis.

Unlike most of the unicorn herd in 2021, Infra.Market is a profitable one with a sizable income. For the fiscal year ending on March 31, 2021, it generated incomes of Rs 1,243 crore as against Rs 351 crore in FY20.

Despite Covid-led trouble in FY21, Mumbai-based Infra.Market managed to increase its profits over four folds to about Rs 36 crore. The firm had already raised $200 million across two financing rounds in 2021 and is in discussions to corner another round at more than $4 billion in valuation.

Halonix’s scale has been nearly flat since FY19 when it registered Rs 404 crore in operating revenue. While its revenue during FY20 reached Rs 445.60 crore, it registered a 2% drop in operating revenue to Rs 436.5 crore in FY21. The Noida based electrical manufacturing firm is managed by Mauritius based private equity company NewQuest Capital Partners which owns a 99.42% stake in Halonix.

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