Marudhar Rocks Gets $18.2 Million Investment
KARNATAKA, India — Marudhar Rocks International Private Limited recently secured an investment of INR 150 crore, or approximately $18.2 million, from Bharat Value Fund (BVF), managed by Pantomath Capital Management Pvt Ltd.
The investment was made through a private placement round, with BVF acquiring a 6.5% stake in Marudhar, valuing the company at approximately Rs 2,300 crore ($278.8 million).
Marudhar Rocks, founded in 2010, is one of the largest manufacturers of quartz surfaces in India, with an annual production capacity of approximately 2 million m2 per annum.
The company operates three facilities: Jaipur, Rajasthan; State Industries Promotion Corporation of Tamil Nadu (Hosur, Tamil Nadu); and Kelamangalam (Hosur, Tamil Nadu). In addition to quartz surfaces and the processing of natural stone, Marudhar also produces Premium Stone Plastic Composite (SPC) Flooring
The company derives all its revenue from exports to markets including the United Statea, United Kingdom, Canada, Australia, Italy, the Middle East, and Vietnam.
Bharat Value Fund, part of Pantomath Capital Management Pvt., launched in August 2024 with a focus on pre-IPO investment opportunities in Indian growth-stage enterprises. Managed by Madhu Lunawat, the fund has raised Rs 1,200 crore ($144.4 million) from 950 investors so far, with a target corpus of Rs 2,000 crore ($240.7 million).
BVF emphasizes investments in companies that promote the “Made in India” ethos, substitute imports, foster exports, and support rural consumption in India.
Lunawat, explained that the decision to invest in Marudhar was based on the company’s track record, robust business model, premium product portfolio, and commitment to quality and sustainability. She also expressed confidence in Marudhar’s growth and market-expansion potential.
Marudhar reported revenue of Rs 518 crore ($62.3 million) for the fiscal year 2024, with a compound annual growth rate (CAGR) of 73% from fiscal 2020 to 2024. The company maintained an EBITDA margin of 36% and a profit after tax (PAT) margin of 27%, with average return on equity (ROE) and return on capital employed (ROCE) of 46% and 31%, respectively, during fiscal 2024.
