Nitin Jain Quits OfBusiness Amid Plans for New Business Venture Jain had earlier moved out of the chief business officer role but later rejoined the position.
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Nitin Jain, co-founder and chief business officer of B2B ecommerce firm OfBusiness and its lending unit Qxyzo, has stepped away from the company and is preparing to launch a new venture. He announced his decision in a LinkedIn post, confirming his exit from the Gurugram-based startup.
As per ET report, Jain had been considering his departure since last year. He had earlier moved out of the chief business officer role but later rejoined the position. During this period, he was also in discussions with investors to raise capital for a new business idea. His exit now brings clarity to those plans.
Founded in 2016 by Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta and Jain, OfBusiness operates a digital platform that supports small and medium enterprises in the manufacturing and infrastructure sectors. The company helps these businesses with raw material sourcing along with access to financing.
OfBusiness has secured over USD 650 million in funding to date. This includes a USD 325 million round backed by Alpha Wave, Tiger Global and SoftBank, valuing the company at about USD 5 billion. According to data from TheKredible, Alpha Wave is the largest external shareholder, followed by Creation Investment and Matrix, while SoftBank, Norwest and Tiger Global also hold stakes.
The company is reportedly preparing for a public market listing of up to USD 1 billion, combining fresh share issuance and an offer for sale. It has already taken steps towards this goal by converting into a public company.
