OfBusiness hits $5Bn valuation, secures $325Mn in latest funding

OfBusiness, a new-age commerce and fintech startup in India, has reportedly secured its 4th financing round this year and is currently valued at about $5 billion.

The startup’s Series G financing round of $325 million was led by Tiger Global, SoftBank Vision Fund 2 and Alpha Wave Global.

As per credible sources, the company plans to use the fresh funds to make deeper inroads into supply chains on the commerce arena, while also widening its technology stack for its financing engine and SaaS solutions.

Earlier, the firm was is in talks with Alpha Wave Global and Tiger Global for raising a new round at around $4.6 billion valuation.

This new round marks the fourth funding for OfBusiness this year. In April, the startup was valued at $800 million in a financing round.

For those unaware, OfBusiness functions as an aggregator of raw material and procurement finance providers. The startup works with banks to offer credit lines to small and medium enterprises with a yearly turnover of around $3 million.

For the last six years, the startup has been operating with around nine B2B raw material supply chains in the industry and has been co-founded by ex VC, Asish Mohapatra.

The platform gathers data on clients’ movements that it depends on to guarantee loans to businesses using the OfBusiness platform to obtain raw materials and tenders.

Recently, Mr. Mohapatra said that OfBusiness is in line to create a B2B ecosystem that combines large scale with profitability, health and engagement.

He added that the startup’s recent expansion, which has been in profit for the last four years, has supported it to grow its commerce business revenue four times this year to $1.7 billion with a net profit of $42.5 million.

Source Credit - https://techcrunch.com/2021/12/19/india-ofbusiness-valued-at-5-billion-in-325-million-funding/