CHENNAI: Building materials company Marudhar Rocks International Private Limited (Marudhar) secured Rs 150 crore from Bharat Value Fund (BVF), managed by Pantomath Capital Management Pvt Ltd, through a private placement round.
BVF picked up 6.5 per cent stake valuing the company at approx Rs 2,300 crore Bharat Value Fund, launched in August 2024 as the second series Category II AIF under the India Inflection Opportunity Trust (IIOT), is managed by industry leader Madhu Lunawat.
With a targeted corpus of Rs 2,000 crore, the fund has successfully raised Rs 1,200 crore from 950 investors to date. Of this amount, Rs 150 crore has been invested in Marudhar Rocks International. BVF primarily focuses on pre-IPO investment opportunities in Indian growth-stage enterprises.
The fund targets companies that promote the ‘Made in India’ ethos, substituting imports, fostering exports, and supporting India’s vast rural consumption.
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.”
Marudhar Rocks, founded in 2010 is the largest manufacturer of premium engineered quartz surfaces (premium EQS) in India, with a production capacity of approximately 2 million sqm per annum, spread across three strategically located facilities in Jaipur, Rajasthan; State Industries Promotion Corporation of TN (Hosur); and Kelamangalam (Hosur). In 2021, Marudhar acquired a fully Bretonstone powered engineered quartz surfaces manufacturing facility at Jaipur, Rajasthan from ASI Industries.
The facility has an installed capacity to manufacture 6 lakh sqm of engineered quartz surface per annum. Premium engineered quartz is a $25-30 bn market globally. India is one of the largest exporters into the US, the largest market for quartz globally; SPC is also estimated to be a $30 bn global opportunity.
Marudhar clocked revenue of Rs 518 crore in FY24 growing at a CAGR of 73 per cent over fiscal 2020 to 2024.