India’s b2b platform OfBusiness accepts…

India’s b2b platform OfBusiness accepts… post thumbnail image

This startup is planning an IPO next year.

OfBusiness, a manufacturing finance platform, raised $325 million in a Series G funding round, Entrackr said, citing the company. As a result, the startup’s valuation reached $5 billion.

  • The main investors are Alpha Wave Ventures II, Softbank Vision Fund 2 and investment firm Tiger Global Management. The round was also attended by Norwest Venture Partners, Matrix Partners India, Zodius Technologies, Pantherea Growth Fund and Marshall Wace.

  • Investors valued the company at $ 5 billion. For comparison, in the September round, the valuation of the startup was $ 3 billion, and in April – $ 800 million. receive unicorn status in July.

Source: Crunchbase.
  • During the last round, the company made a secondary sale of shares for $ 140 million. Recall that information about financing negotiations only emerged in October. Later the media reported that the round would be led by American investment firm Falcon Edge Capital.

  • Fintech startup OfBusiness was founded in 2015. Oxyzo’s b2b platform helps small businesses purchase raw materials and financial transactions. This service is used by companies selling metals, chemicals, polymers, agricultural products, petrochemicals, and building materials. The platform has more than 50,000 users, according to Google Play.

  • Another development of the startup is the SMAssist SaaS service. He helps companies manage buying and selling. The solution is used by more than 2.7 million small and medium-sized businesses, reports the portal.

“Our growth over the last 3 years across all our 3 sectors (b2b, finance and SAAS) has been rapid but we still have a long way to go given the depth, disorganization and fragmentation of the b2b market in India. We believe that we are at the beginning of the b2b revolution in the country,” the platform’s co-founder Asish Mohapatra told the media.

  • The startup has been profitable for the past four years, Mohapatra said. The expansion helped increase OfBusiness’s annual revenue to US$1.7 billion, according to him, the company’s net profit was US$42.5 million.

  • The funds will be used to support supply chain development, expansion of the SaaS service technology platform, and transaction financing. OfBusiness plans to list the shares on the stock exchange in the middle of next year, the startup told the portal.

Read also: Indian fintech startup Razorpay’s valuation rises to $7.5 billion

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