Infra.Market, a B2B construction materials startup backed by Tiger Global and Accel, is planning a $1 billion IPO targeting a valuation of up to $5 billion.

The Mumbai-based unicorn, last valued at $2.8 billion, aims to list by Diwali and will file its draft IPO papers by June. Most of the offering will be a fresh issue of shares. Despite market volatility, the IPO plans remain on track unless delayed by regulatory approvals. Tiger Global holds a 21.3% stake, Accel 16.9%, and promoters Aaditya Sharda and Souvik Sengupta collectively own 31.7%. Founded in 2016, Infra.Market is among the few profitable new-age startups in India. The company has declined to comment on the IPO developments.