OfBusiness raises $325Mn at $5Bn valuation
By MYBRANDBOOK
B2B E-commerce platform OfBusiness has raised $325 million in its Series G round led by Alpha Wave Ventures II, Tiger Global Management and Softbank Vision Fund 2. The fresh proceeds have been raised at a valuation of approximately $5 billion.
This round also includes a secondary share sale of around $140 million whereby existing investors Matrix Partners India, Creation Investments and Zodius Technologies sold part of their shares.
The company has recorded an over 6X jump in its valuation in the past eight months and said that it will use the funds to dig deeper into supply chains on the commerce side, along with building out technology for its SAAS solutions and financing engine.
OfBusiness co-founder Asish Mohapatra said, “OfBusiness is well on its way to create a B2B ecosystem that marries large scale with profitability, health and engagement. Our march in the last three years across all our three businesses (B2B Commerce marketplace, Financing and SAAS) has been rapid but there is still a long way to go given the depth and unorganized fragmented market structure of B2B in India. We believe that we are in the nascency of the B2B revolution in the country and are privileged to drive it ahead.”
OfBusiness has been profitable for the last four years with technology, servicing and efficiency. OfBusiness’s operating revenue grew 2X to Rs 1,748 crore this year as compared to around Rs 850 crore in the previous year.
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