About RDC Concrete (India) Limited

A) About

RDC Concrete (India) Limited, established in 1993, is a prominent player in India's ready-mix concrete (RMC) industry. As of March 31, 2024, the company operates a network of 116 RMC plants across the country, making it the largest non-cement backed RMC manufacturer in India and the second-largest among all RMC players in terms of revenue for Fiscal Year 2024.

B) Product Offerings and Capabilities:

RDC Concrete provides a diverse range of concrete mixes, including specialized solutions such as:

1. RDC LiteCrete: A lightweight concrete produced by introducing foam into the mix.
2. RDC ImpreCrete: A decorative concrete available in various colors, textures, and patterns.
3. RDC TempCrete: Designed to maintain concrete temperature within desirable limits to minimize adverse effects.
4. RDC SelfCrete: A self-flowing, self-leveling, and self-consolidating concrete.
5. RDC FibreCrete: Enhanced with fibers to improve resistance against tensile stresses and shrinkage.

The company emphasizes quality assurance, technical expertise, and customer satisfaction, serving clients in construction, infrastructure, and real estate sectors.

C) Cap Table Analysis:

1. Acquisition by Infra.Market: In September 2021, Infra.Market, a leading construction materials platform, acquired RDC Concrete. This strategic move aimed to enhance Infra.Market's presence in the ready-mix concrete sector.

2. Subsequent Stake Divestments: Following the acquisition, Infra.Market divested minority stakes in RDC Concrete:

1. November 2023: Infra.Market sold a 10% stake in RDC Concrete to public market investors, led by Ashish Kacholia, for approximately $20 million.
2. May 2024: Infra.Market further divested a minority stake for $20 million. Investors included Zerodha co-founder Nikhil Kamath, Capri Global Family Office, Sumeet Kanwar from Verity, and Abhijeet Pai-led Wear Steels.

3. Valuation Insights: As of December 2023, RDC Concrete was valued at $225 million.

4. Investor Composition: RDC Concrete's investor base comprises:

1. Institutional Investors:
2. Capri Family Office
3. Wear Steels
4. Global PE Alliance
5. Angel Investors:
6. Ashish Kacholia
7. Nikhil Kamath
8. IPO Plans: In January 2024, RDC Concrete announced plans to go public with an IPO in January 2025, aiming for a valuation between ₹3,500 crore to ₹4,000 crore. The company intends to use the funds raised to support capital expenditure and expand its network to around 220 plants by March 2025.

D) Leadership:

Anil Banchhor serves as the Managing Director and CEO of RDC Concrete, leading a management team with extensive experience in the ready-mix concrete and construction industries.