OfBusiness valued at $800 million after raising $110 million in funding

  • Investors, including Falcon Edge Capital, Matrix Partners India, Creation Investments, and Norwest Venture Partners, participated in the round.
  • OfBusiness intends to use the funding to increase its supply chain and deepen its market presence in existing regions.
  • The startup has been profitable and plans to launch its IPO in the next two years.

Gurgaon-based technology-driven business-to-business (B2B) platform OfBusiness, has raised $110 million (about Rs 820 crore) in the second tranche of its Series D funding round led by New York-based Falcon Edge Capital at a post-money valuation of $800 million, making it closer to become unicorn startup.

The round also saw participation from existing investors, including Matrix Partners India, Creation Investments, and Norwest Venture Partners. Matrix Partners has been an early investor in the startup.

The raised capital is in a mix of primary and secondary transactions. According to the startup, It saw 73 employees and 12 angel investors sell stock worth $13 million.

OfBusiness intends to use the raised funding to increase its niche supply chain and deepen its existing market presence, the statement said.

In September 2019, OfBusiness had raised Rs 250 crore in a Series D funding round led by Falcon Edge India, Norwest Venture Partners, and Matrix Partners India. To date, the startup has raised over $170 million in funding from investors, including Zodius Capital, InnoVen Capital, Kotak Mahindra Bank, Creation Investments, others.

After being profitable for more than three years, it is planning to launch its initial public offering (IPO) in the next two years, Asish Mohapatra told ET.

OFB Tech Private Limited, which owns and operates OfBusiness was founded in August 2015 by Asish Mohapatra, Bhuvan Gupta, Ruchi Kalra, Srinath Ramakkrushnan, Nitin Jain, Chandranshu, and Biswajit Mishra. 

OfBusiness leverages technology to facilitate raw material procurement and financing solutions to small businesses (SMEs) through its NBFC firm Oxyzo Financial Services. 

Speaking on the development, Asish Mohapatra, Co-founder & CEO of OfBusiness, said, “The focus is on companies with minor tech play that can automate with our full platform. We provide these companies with an ability to build large platform play, 100 percent subsidiary NBFC (non-banking finance company) that finances some of its customers as they may not have the working capital, and market them with our presence.”

For providing lending services, The startup has partnered with financial institutions, including AU Small Finance Bank, Axis Bank, HDFC Bank, ICICI Bank, Fincare, RBL Bank, TATA Capital, Bank Of Baroda, Bajaj Finserv, Northern Arc Investments, among others.

Also Read: Zetwerk Touches $600 Million Valuation After Raising $120 Million In Funding

The B2B platform is focused on manufacturing and infrastructure sectors and claims to have around 9,000 customers using their services. It also offers technology and marketing services through its BidAssist platform. Through that platform, It is processing more than 15000 tendors per day in 100+ different categories.

It has 14 offices across the country and competes with Infra.market, ZetWerk, Moglix, among others.

Follow IndianStartupNews on FacebookInstagramTwitter for the latest updates from the startup ecosystem.

Recent Stories

More On IndianStartupNews