Acquisition · Commerce & Consumer Brands

Infra.Market to go public via reverse merger with Shalimar Paints

By Startup Enthusiast · 13 August 2026

What they do

Infra.Market is a tech platform selling concrete, steel, paints, and other construction materials

Its shareholders will swap shares worth about ₹10,440 crore in a reverse merger with Shalimar Paints, avoiding a traditional IPO

The deal gives Infra.Market a stock exchange listing at a time when new-age IPOs are not well received by the market

Shalimar Paints board approved a reverse merger with Infra.Market via a share swap on 12 August 2026.
Infra.Market will enter public markets through this reverse merger, not a conventional IPO.
The share swap value is about ₹10,440 crore (equity ₹3,544.69 crore plus CCPS ₹6,895.22 crore).
Shalimar Paints will issue up to 41.70 crore equity shares at ₹85 each to 185 investors.
Shalimar Paints will also issue up to 81.12 crore CCPS (compulsorily convertible preference shares) at ₹85 each.
Alongside the swap, Shalimar Paints will raise up to ₹1,000 crore via a QIP (qualified institutional placement).
Infra.Market had confidentially filed for a ₹5,000 crore IPO in October 2025 and received SEBI observations in January 2026.
The company has not announced any change to its IPO plans after the proposed reverse merger.

New-age IPOs have not been treated well in the current market, so the reverse merger gives Infra.Market a stock exchange listing without a traditional IPO.
The transaction is structurally akin to a reverse listing, and regulators are likely to examine the change of ownership, control, and principal business.
Infra.Market's last private valuation was close to ₹25,000 crore (about $2.8 billion), while Shalimar Paints' market capitalisation was less than ₹750 crore.
Infra.Market holds a 52.9% stake in Shalimar Paints, acquired earlier by injecting ₹270 crore.

Infra.Market is a technology-enabled building materials platform covering the entire project construction lifecycle.
Its products include concrete, aggregates, AAC blocks, steel, pipes, fittings, MDF, plywood, laminates, tiles, bath fittings, sanitaryware, fans, lights, electricals, modular kitchens, wardrobes, hardware, and paints.
It operates 283+ manufacturing facilities (163 owned and 120 exclusive third-party) across 22 Indian states.
It uses multi-channel distribution: B2B (direct corporate sales, direct-to-site delivery) and B2R (17,256 retail touchpoints).
Its house of brands includes Infra.Market, RDC, Shalimar Paints, Inicio, Amstrad, Robo, Ultrafine, Millennium, Emcer, Equiphunt, and IVAS.
Its customers are contractors, developers, and retailers in real estate, construction, and infrastructure sectors.
Corporate headquarters are in Thane, Maharashtra.

The transaction is subject to shareholder and regulatory approvals; an extraordinary general meeting (EGM) will be convened.
Infra.Market has not announced any change to its IPO plans after the proposed reverse merger.
Shalimar Paints board discussed potential unification of entities at an appropriate stage.

Accel (existing) — Venture capital firm; holds 14.7% stake in Infra.Market as of March 2026.
Nexus Venture Partners (existing) — Venture capital firm; holds 7.3% stake in Infra.Market as of March 2026.
Tiger Global Management (existing) — Investment firm; holds 20.1% stake in Infra.Market as of March 2026.
Nikhil Kamath (existing) — Individual investor; proposed equity allottee in Shalimar Paints.
Ashish Kacholia (existing) — Individual investor; proposed equity allottee in Shalimar Paints.
NKSquared (participated) — Investment entity; proposed equity allottee in Shalimar Paints.
Silverline Homes (participated) — Company; proposed equity allottee in Shalimar Paints.
Trifecta Venture Debt Fund II (participated) — Venture debt fund; proposed equity allottee in Shalimar Paints.

Product: An end-to-end construction materials platform spanning sourcing, manufacturing partnerships, and distribution.
Customers: Institutional buyers, builders, contractors, and retail construction-materials customers.
How it makes money: Makes money by supplying construction materials and related solutions across B2B and retail channels.
What sets it apart: Large network of manufacturing partners and a broad retail touchpoint footprint.
Operations: Runs a wide supplier network and reaches more than 10,000 retail touchpoints across India.