Bharat Value Fund Acquires 6.5% Stake in Marudhar Rocks with INR 150 Cr Investment The raised funding will be used to enhance production, adopt advanced technologies, and expand Marudhar's domestic and international market presence.
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Marudhar Rocks International Private Limited (Marudhar) has secured INR 150 crore in funding from Bharat Value Fund (BVF), managed by Pantomath Capital Management, through a private placement round. BVF's investment gives it a 6.5% stake in Marudhar, valuing the company at approximately INR 2300 crore.
Jitendra Kothari, Vikas Kothari, Avinash Mehta, and Ronak Kochar, Directors at Marudhar Rocks International, said, "With this funding, we aim to accelerate our growth trajectory by enhancing our production capabilities, investing in cutting-edge technologies across our Premium Surfaces portfolio, and expanding our market reach both domestically and internationally to cater to the increasing demand."
Founded in 2010, Marudhar is a manufacturer of premium-engineered quartz surfaces and premium stone plastic composite (SPC) flooring in India, with a production capacity of 2 million square meters per year. The company operates facilities in Jaipur, Rajasthan, and two locations in Tamil Nadu. Marudhar exclusively exports its products to markets such as the USA, UK, Canada, Australia, Italy, the Middle East, and Vietnam.
Marudhar utilises advanced technologies, including Bretonstone Technology, in its manufacturing process, positioning it as one of the few companies globally capable of producing Super Jumbo and Jumbo-sized Premium Surfaces. In 2021, the company acquired a Bretonstone-powered quartz surface manufacturing facility in Jaipur.
Madhu Lunawat, CIO of Bharat Value Fund, said, "Our decision to invest in Marudhar is driven by their impressive track record, robust business model, premium product portfolio, experience of the Founders, and their commitment to quality and sustainability. We see tremendous potential in Marudhar's ability to scale further, enhance their production capabilities, and expand their market presence both domestically and globally."
In FY24, Marudhar posted revenues of INR 518 crore, with impressive EBITDA and PAT margins of 36% and 27%, respectively, and strong return metrics, making it a promising player in the global building materials sector.
