Hella Infra Market Private Limited
1 MAbout Hella Infra Market Private Limited
A Comprehensive Overview of Price & Journey
Understanding Hella Infra Market Private Limited Inception and Growth
Overview
In 2016, two IIT guys—Souvik Sengupta and Aditya Sharda—noticed the cracks in the most widespread supply chain of India—construction materials. They started a bootstrapped venture and operated for 3 years in profitability.
Hella Market is a tech platform offering diversified products across the entire lifecycle of a construction project. They serve retail contractors, developers, and retailers across real estate, construction, and infrastructure sectors. Their product portfolio spans across structural products, finishing products, lifestyle, and other products and services, including construction as well.
Hella Market has the following brands under its umbrella:
- Infra Market
- Shalimar Paints
- IVAS
- Amstrad
- Emcer
- Millennium
- RDC Concrete
- Equipment
- INICIO
- Robo Silicon
- Ultrafine
To maximize the customer outreach, the company owns 283+ manufacturing facilities—163 owned and 120 exclusive third-party manufacturing units across 22 Indian states, covering both B2B and B2R supply distributions. The company primarily focuses on direct corporate sale and on-site delivery across commercial and real estate, industrial, infrastructure, and other sectors. They also have an extensive retail network catering to retail demand through its 17256 touchpoints, including retail outlets, dealers, brokers, and other distributors.
In the previous three years the company has almost doubled its topline and reported 18,472 in revenue in FY25.
PAT performance has been volatile:
- FY22: 186 Cr
- FY23: 155 Cr
- FY24: 378 Cr
- FY25: 220 Cr
What does Infra Market do? – Operational Model
Hella Infra is a tech-enabled platform providing construction materials and products required in entire construction lifecycle. A builder who purchased concrete from the platform will then be offered materials required in the next stage of construction. In this way the company has evolved into an integrated manufacturing and distribution powerhouse.
How does Infra Market make money? – Revenue Model
Hella Infra has multi-channel revenue streams—magnifying its top line:
Stream 1 – B2B Marketplace
Through its B2B marketplace, the company serves institutional clients such as real estate developers, infrastructure and construction giants, government contractors and public entities. It provides the digital marketplace for procurement and supply chain solutions. The platform provides:
- Frictionless price discovery & quotes
- Automated lifecycle tracking
- Quality Assurance and Control
- Embedded payments & credit lifecycle
Revenue under this segment is generated via transaction fees charged per trade. A layer of premium is added for logistics and routing of complex, time-sensitive materials.
B2B channel accounts for approx. 74.5% of the group's total revenue.
Stream 2 – Private Label Manufacturing
Instead of drowning in huge capital expenditure, Hella Infra adopted a backward integration strategy where they have acquired small and underutilized capacity of factories to produce construction materials under their own brand name. Requisite raw materials are supplied to these partner factories to manufacture construction and other materials. It enables controlled quality and timely supply. This business segment constitutes roughly 64% of the company’s total operating revenue. In-house brands portfolio includes:
- Structural Products – Infra Markets, RDC Concrete, Robo, and Ultrafine
- Finishing Products – Emcer Tiles, Inicio, and Millennium
- Lifestyle Products – IVAS, Shalimar Paints, Amstrad
Traditional trading yields thin margins between 2% and 3%, but this strategic move of supplying materials under a private label generates 10%-12% margins.
Stream 3 – B2R Distribution
This is the business-to-retail distribution segment, where Hella supplies materials to local dealers and retail shops who then sell to small builders and homeowners. With 4000+ retail stores and 10,000+ touchpoints, the company has a vast network in retail as well. The company generates revenue by distributing dual portfolio consisting of high-margin In-house private labels and highly demanded legacy third-party brands.
- In-house brands offered structural products such as cement, steel, aggregates, and AAC blocks.
- Finishing & Lifestyle – Emcer, Shalimar Paints, IVAS, etc.
- Third-party brands—UltraTech Cement, Havells, JSW, JCB, Godrej, and others.
Competitors
Hella Infra is a comprehensive construction material supplier, it competes with well-funded rivals, but due to its multi-business model faces competition in each layer:
B2B Construction Materials Marketplace
- OfBusiness: It is a B2B platform focused on bulk industrial raw materials across diversified industries such as steel, metals, polymers, textiles, and agri-commodities. The company reported INR 22,241 Cr in revenue in FY25 and a PAT of INR 597 Cr
- Zetwerk: It is a marketplace for custom contract manufacturing across heavy engineering, aerospace, defense, renewables, and consumer electronics. The company reported revenue of INR 12,798 Cr. Unlike Hella Infra, it operates on a customized blueprint-to-product model, manufacturing products as per the client's requirements and specifications and delivering across the electronics and equipment segment.
- Moglix: It is also a digital marketplace specializing in MRO, industrial supplies, safety gears, power tools and other hardware. In FY25 the company reported revenue of more than 5700 Cr, but the profit halved or reduced significantly. Although Moglix targets manufacturing units and shop floors, their product portfolio overlaps with Hella Infra—making direct competitors.
Category-Specific Competitors
- RMC: UltraTech RMC, ACC, Nuvoco
- Paints: Asian Paints, Berger, Kansai Nerolac
- Tiles: Kajaria, Somany, Orient Bell
- AAC Blocks: Siporex, JK Lakshmi, Bigbloc Construction
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Overview
In 2016, two IIT guys—Souvik Sengupta and Aditya Sharda—noticed the cracks in the most widespread supply chain of India—construction materials. They started a bootstrapped venture and operated for 3 years in profitability.
Hella Market is a tech platform offering diversified products across the entire lifecycle of a construction project. They serve retail contractors, developers, and retailers across real estate, construction, and infrastructure sectors. Their product portfolio spans across structural products, finishing products, lifestyle, and other products and services, including construction as well.
Hella Market has the following brands under its umbrella:
- Infra Market
- Shalimar Paints
- IVAS
- Amstrad
- Emcer
- Millennium
- RDC Concrete
- Equipment
- INICIO
- Robo Silicon
- Ultrafine
To maximize the customer outreach, the company owns 283+ manufacturing facilities—163 owned and 120 exclusive third-party manufacturing units across 22 Indian states, covering both B2B and B2R supply distributions. The company primarily focuses on direct corporate sale and on-site delivery across commercial and real estate, industrial, infrastructure, and other sectors. They also have an extensive retail network catering to retail demand through its 17256 touchpoints, including retail outlets, dealers, brokers, and other distributors.
In the previous three years the company has almost doubled its topline and reported 18,472 in revenue in FY25.
PAT performance has been volatile:
- FY22: 186 Cr
- FY23: 155 Cr
- FY24: 378 Cr
- FY25: 220 Cr
What does Infra Market do? – Operational Model
Hella Infra is a tech-enabled platform providing construction materials and products required in entire construction lifecycle. A builder who purchased concrete from the platform will then be offered materials required in the next stage of construction. In this way the company has evolved into an integrated manufacturing and distribution powerhouse.
How does Infra Market make money? – Revenue Model
Hella Infra has multi-channel revenue streams—magnifying its top line:
Stream 1 – B2B Marketplace
Through its B2B marketplace, the company serves institutional clients such as real estate developers, infrastructure and construction giants, government contractors and public entities. It provides the digital marketplace for procurement and supply chain solutions. The platform provides:
- Frictionless price discovery & quotes
- Automated lifecycle tracking
- Quality Assurance and Control
- Embedded payments & credit lifecycle
Revenue under this segment is generated via transaction fees charged per trade. A layer of premium is added for logistics and routing of complex, time-sensitive materials.
B2B channel accounts for approx. 74.5% of the group's total revenue.
Stream 2 – Private Label Manufacturing
Instead of drowning in huge capital expenditure, Hella Infra adopted a backward integration strategy where they have acquired small and underutilized capacity of factories to produce construction materials under their own brand name. Requisite raw materials are supplied to these partner factories to manufacture construction and other materials. It enables controlled quality and timely supply. This business segment constitutes roughly 64% of the company’s total operating revenue. In-house brands portfolio includes:
- Structural Products – Infra Markets, RDC Concrete, Robo, and Ultrafine
- Finishing Products – Emcer Tiles, Inicio, and Millennium
- Lifestyle Products – IVAS, Shalimar Paints, Amstrad
Traditional trading yields thin margins between 2% and 3%, but this strategic move of supplying materials under a private label generates 10%-12% margins.
Stream 3 – B2R Distribution
This is the business-to-retail distribution segment, where Hella supplies materials to local dealers and retail shops who then sell to small builders and homeowners. With 4000+ retail stores and 10,000+ touchpoints, the company has a vast network in retail as well. The company generates revenue by distributing dual portfolio consisting of high-margin In-house private labels and highly demanded legacy third-party brands.
- In-house brands offered structural products such as cement, steel, aggregates, and AAC blocks.
- Finishing & Lifestyle – Emcer, Shalimar Paints, IVAS, etc.
- Third-party brands—UltraTech Cement, Havells, JSW, JCB, Godrej, and others.
Competitors
Hella Infra is a comprehensive construction material supplier, it competes with well-funded rivals, but due to its multi-business model faces competition in each layer:
B2B Construction Materials Marketplace
- OfBusiness: It is a B2B platform focused on bulk industrial raw materials across diversified industries such as steel, metals, polymers, textiles, and agri-commodities. The company reported INR 22,241 Cr in revenue in FY25 and a PAT of INR 597 Cr
- Zetwerk: It is a marketplace for custom contract manufacturing across heavy engineering, aerospace, defense, renewables, and consumer electronics. The company reported revenue of INR 12,798 Cr. Unlike Hella Infra, it operates on a customized blueprint-to-product model, manufacturing products as per the client's requirements and specifications and delivering across the electronics and equipment segment.
- Moglix: It is also a digital marketplace specializing in MRO, industrial supplies, safety gears, power tools and other hardware. In FY25 the company reported revenue of more than 5700 Cr, but the profit halved or reduced significantly. Although Moglix targets manufacturing units and shop floors, their product portfolio overlaps with Hella Infra—making direct competitors.
Category-Specific Competitors
- RMC: UltraTech RMC, ACC, Nuvoco
- Paints: Asian Paints, Berger, Kansai Nerolac
- Tiles: Kajaria, Somany, Orient Bell
- AAC Blocks: Siporex, JK Lakshmi, Bigbloc Construction
Fundamentals
Financials
All values are INR Cr except per share value
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LIABILITIES
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Revenue Growth
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Shareholding Pattern
2026
| Name | Designation | Share % |
|---|---|---|
| Founder | Promoter | 20.40% |
| Parent Entity | Promoter | 5.88% |
| Enterprise | Investor | 5.62% |
| Angel | Investor | 6.75% |
| Fund | Investor | 52.58% |
| Other People | Others | 0.17% |
| ESOP Pool | Employee | 8.60% |
Events
| Name | Date | Details |
|---|---|---|
| No events available. | ||
Frequently Asked Questions
Like any other financial product or commodity, the price of unlisted shares is discovered at the intersection of demand from buyers and supply from sellers of particular unlisted shares.
The two determinants of price are dynamic factors and keep changing constantly, hence share price tends to fluctuate constantly – every day, every minute.
Upon successful completion of a deal, the unlisted shares are credited electronically directly to your standard demat account that is usually created with CDSL or NSDL (Central Depository Services Limited or National Securities Depository Limited).
The lock-in period of Hella Infra Market Limited varies depending on the category of the investor:
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Venture capital or foreign venture capital investors are subject to lock-in period of 6 months from the date of acquisition of shares
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For AIF investors of Category-II are not subject to any lock-in.
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Any other investor, including retail investors, HNI or corporate investors are subject to a lock-in period of 6 months from the date of listing.
Note – The above-mentioned lock-in is for mainboard, however for SME IPO the applicable lock-in period is 1 Year.
There is no regulatory minimum limit to invest in unlisted shares. However, minimum investment size varies with the per share price. Earlier, the typical investment size often ranges between 70K – 100K, but with the growing awareness and increased participation the investment size has been down sized to 50k.
Short-Term Capital Gain tax is applicable when you sell your unlisted shares within a year from date of acquisition. Realized gain is taxable at your slab rate after consolidating in total income for the year. Hence, the rate of tax depends on your overall income for the particular financial year.
Long-Term Capital Gain taxes are applicable when you sell your unlisted shares after two years from the date of acquisition. LTCG tax is calculated on profits realized on sale of unlisted shares at 12.5%. Investors particularly retail or HNI must understand the concept clearly as it impacts strategy and tax planning.
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You can download the NSDL or CDSL application and login into the account and check whether the shares have been credited or not.
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Credit of Unlisted Shares/Pre-IPO shares can be checked in brokers application as well but it takes T+2 days to show the shares.
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You would also get email confirmation of credit of shares via email.
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The value of share in unlisted space is determined in the same way as it is done in the listed market. Demand and supply decide the price of any share. If the demand is more than the supply, then the price of the share increases and vice versa.
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When a new share is introduced in the unlisted space, the value of the company is decided upon the last funding raised by the company. If the company hasn’t raised any funding in the past, then the valuation is decided upon the fundamentals of the company.
Yes, investing in unlisted shares is legal in India, the activity is regulated and governed under the rules and guidelines laid by SEBI (Securities and Exchange Board of India). Related parties must comply with the regulations and guidelines to ensure legal and financial standards.