On Saturday, Indian B2B firm OfBusiness announced in a press release that it has raised USD 160 Million in a funding round, listing itself in a Unicron club as it reached a valuation of nearly 1.5 Billion.
The funding round was led by Soft Bank’s Vision Fund 2, with the participation of Matrix Partners and Falcon Edge Capital. The valuation was at USD 800 Million till April this year.
OfBusiness is the 18th startup to become a unicorn in India this year. The startup aims to be profitable by September 2021, and it claims that it’s growing by 4x year after year.
Words from the investors –
“The 60 million+ SMEs in India are underserved by the existing offline supply and finance chain. OfBusiness has successfully built a full-stack solution enabling commerce and financing through a single marketplace which is digitizing the SMEs. We have been impressed by the team’s market leadership, growth and focus on profitability and eager to be part of OfBusiness,” said Sumer Juneja, Partner, SoftBank Investment Advisers.
About OfBusienss –
OfBusiness was initiated by Asish Mohapatra, Ruchi Kalra, Bhuvan Gupta, and Nitin Jain in 2015, having its headquarters in Gurugram. Asish has prior work experience in Matrix Partner India, Ruchi was a former partner in Mckinsey, Bhuvan was a Snapdeal executive and Nitin was an IIT-Delhi graduate.
“The time for disruption in B2B commerce in traditional sectors of the economy was long overdue and has arrived. To take on the challenges of scale and uniqueness of B2B, one must be armed with teams, knowledge, technology and an ability to solve credit needs. OfBusiness has been striving to build all four across its three B2B businesses. We welcome SoftBank to the family, and we are sure we will gain significantly from their muscle across capital and international markets,” Asish Mohapatra, CEO and Co-Founder, OfBusiness, said.
Other than B2B operation, the startup provides services in manufacturing and infrastructure areas like engineering, capital goods, heavy machinery, and food processing.
OfBusiness also provides loans to SME enterprises and other services through a unit called Oxyzo.
Till now, OfBusiness has raised USD 193.1 Million excluding current fundings (Source: CrunchBase), with a list of backers like Zodius Capital, Innoven Capital, and Norwest Venture Partners.
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