OfBusiness Raises $110 million led by Falcon Edge Capital
Tech enabled B2B network OfBusiness, has raised $110 million in a Series D2 funding round led by Falcon Edge Capital. Other investors participating in the round included existing investors Matrix Partners India, Creation Investments, and Norwest Venture Partners. Post the round OfBusiness is now valued at $800 million.
Gurgaon based OfBusiness or OFB Tech is a tech-enabled platform that enables SMEs in the manufacturing and infrastructure sectors to procure raw materials and obtain credit. The six year old firm incorporates technology into SME purchasing behaviour to provide consumers with better goods, at better prices, and in shorter time frames, as well as robust online and offline support. It also offers a host of tech services for SMEs including BidAssist for new growth opportunities.
The round also saw 73 workers and 12 angel investors sell stock worth $13 million, which included both primary and secondary sales. The startup has raised $170 million to date, including the most recent round of funding.
Speaking about the funding, Asish Mohapatra, Co-founder, and CEO, OfBusiness, said, "These angels have been part of OfBusiness from 2016 and they have now seen 13-15X returns depending on their initial investment in the company. With this funding, we aim to increase from eight industrial supply chains now to 11 in the future. We are also looking to deepen our presence in existing geographies."
The CEO further said that OfBusiness is prepping towards launching its IPO within the next two years.
The company also provides raw material procurement services and credit to SMEs through its non-banking financial company (NBFC) Oxyzo Financial Services. Via its NBFC and B2B networks, OfBusiness has amassed approximately 9,000 customers. The startup also offers marketing services through its BidAssist app, which has close to 2 million unique users.
“OfBusiness stands alone today in the B2B supply chain terrain in its provision of a value-added full-stack solution to small and medium enterprises. From procurement to quality assurance, logistics to working capital financing, OFB is increasingly seen as the partner of choice to SMEs across multiple massive, fragmented supply chains." says, Navroz Udwadia, Partner at Falcon Edge Capital.
Gurgaon based OfBusiness or OFB Tech is a tech-enabled platform that enables SMEs in the manufacturing and infrastructure sectors to procure raw materials and obtain credit. The six year old firm incorporates technology into SME purchasing behaviour to provide consumers with better goods, at better prices, and in shorter time frames, as well as robust online and offline support. It also offers a host of tech services for SMEs including BidAssist for new growth opportunities.
The round also saw 73 workers and 12 angel investors sell stock worth $13 million, which included both primary and secondary sales. The startup has raised $170 million to date, including the most recent round of funding.
Speaking about the funding, Asish Mohapatra, Co-founder, and CEO, OfBusiness, said, "These angels have been part of OfBusiness from 2016 and they have now seen 13-15X returns depending on their initial investment in the company. With this funding, we aim to increase from eight industrial supply chains now to 11 in the future. We are also looking to deepen our presence in existing geographies."
The CEO further said that OfBusiness is prepping towards launching its IPO within the next two years.
The company also provides raw material procurement services and credit to SMEs through its non-banking financial company (NBFC) Oxyzo Financial Services. Via its NBFC and B2B networks, OfBusiness has amassed approximately 9,000 customers. The startup also offers marketing services through its BidAssist app, which has close to 2 million unique users.
“OfBusiness stands alone today in the B2B supply chain terrain in its provision of a value-added full-stack solution to small and medium enterprises. From procurement to quality assurance, logistics to working capital financing, OFB is increasingly seen as the partner of choice to SMEs across multiple massive, fragmented supply chains." says, Navroz Udwadia, Partner at Falcon Edge Capital.
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