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Marudhar Rocks International Raises Rs 150 Crores in Private Placement Round from Bharat Value Fund

Mumbai / Bangalore / Hosur / September 5, 2024: 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% stake valuing the company at approximately Rs 2,300 crore.

BVF, launched in August 2024 as the second series Category II AIF under the India Inflection Opportunity Trust (IIOT), is managed by Madhu Lunawat. With a targeted corpus of Rs 2,000 crore, the fund has successfully raised Rs 1200 crore from 950 investors to date. Of this amount, Rs 150 crores 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.

Marudhar Rocks, founded in 2010, manufactures Premium Engineered Quartz Surfaces (Premium EQS), with a production capacity of approximately 2 million square meters per annum. Its production facilities are spread across three strategically located facilities in Jaipur, Rajasthan; State Industries Promotion Corporation of Tamil Nadu (Hosur, Tamil Nadu); and Kelamangalam (Hosur, Tamil Nadu).

The company also produces Premium Stone Plastic Composite Flooring (Premium SPC Flooring), diversifying its product portfolio to meet the growing demand in both domestic and international markets. Notably, Marudhar generates 100% of its revenue from exports to USA, UK, Canada, Australia, Italy, Middle East and Vietnam.

Commenting on the fund raise, Jitendra Kothari, Vikas Kothari, Avinash Mehta and Ronak Kochar, Directors at Marudhar Rocks International said “We are thrilled to receive this significant investment from Bharat Value Fund. This infusion of INR 150 crores has come at a very crucial time as we continue to solidify our position as the largest and most profitable manufacturer of Premium Surfaces in India. 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.”

“This partnership with BVF not only validates our business model and strategic vision but also empowers us to innovate further and meet the evolving needs of our customers. We are committed to maintaining the highest standards of quality and sustainability in our products, and this investment will help us in achieving these goals more effectively.

At Marudhar Rocks International, we believe in pushing boundaries and setting new standards, and this collaboration with BVF is a significant milestone in our journey towards excellence. We look forward to a fruitful partnership that will drive our mutual growth and success,” he added.

Speaking about its investment in Marudhar, 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.

At BVF, we are dedicated to supporting businesses that are poised for significant growth and impact. Marudhar Rocks International embodies these qualities, and we are confident that this partnership will lead to remarkable advancements in the sector. We look forward to working closely with the Marudhar team and contributing to their continued success and industry leadership,” added Madhu Lunawat.

Marudhar clocked revenue of INR 518 crores in FY24 growing at CAGR of 73% over Fiscal 2020 to 2024. The Company had EBITDA margin of 36% and PAT margin of 27% respectively with robust Average ROE and Average ROCE of 46% and 31% respectively during FY24.