OfBusiness Raises $325 Million In Series G

The funds will be utilized to diversify the business and grow foothold in the export markets

By
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

OfBusiness, an industrial goods and services procurement platform, has raised $325 million in its Series G round led by Alpha Wave Ventures II, Tiger Global Management and Softbank Vision Fund 2. 

Pexels

The round also saw participation from Norwest Venture Partners, Matrix Partners India, Zodius Technologies, Pantherea Growth Fund and Marshall Wace. The Gurugram-based company has recorded an over 6 times jump in its valuation in the past eight months.



“The funds will be utilized to diversify the  business and  grow foothold in the export markets, invest in its SaaS, tech platform, boost financial services, credit  business and to enter  into  the  manufacturing  segment,” said OfBusiness’s co-founder Nitin Jain.



Some early investors of the firm such as Zodius Tech, Matrix India and Creation Investments have made a partial exit in this financing round. The round also saw a partial liquidation for about 80 ESOPs holders, said a statement.

Founded by Asish Mohapatra , Ruchi Kalra, Bhuvan Gupta, Vasant Sridhar and Nitin Jain, the six-year-old company helps source raw material and provides companies with a portal to bid for government tenders. It also provides access to cash flow-based short term financing for buying raw materials through its NBFC Oxyzo Financial Services, added the statement.



The startup’s only goal from the beginning was to differentiate itself with the services offered to the SME, and keep generating value for the SMEs, shareholders and other stakeholders via key eye on profitability. The B2B commerce platform turned Unicorn post $160 million funding earlier this year.