Bengaluru: B2B procurement platform OfBusiness has raised $325 million in funding led by Alpha Wave Ventures II, Tiger Global Management and Softbank Vision Fund 2, valuing the firm at around $5 billion.This is the fourth funding round this year. It was valued at $800 million early this year. Existing investors Norwest Venture Partners, Matrix Partners India, and others also participated in the round.
OfBusiness integrates technology to SME’s buying behaviour to make available better products, at better prices, with comprehensive online and offline support. It supplies key raw materials including metals, chemicals, polymers, agri commodities, petrochemicals and building materials. OfBusiness also provides SMEs access to cash flow-based financing for buying raw materials.
Asish Mohapatra, CEO and co-founder, said, “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 unorganised, fragmented market structure of B2B in India.”
Started in 2016, the firm has forayed into manufacturing and infrastructure. OfBusiness said it expects its revenue to grow four-fold in commerce. Oxyzo, the company’s financing platform that provides cash flow matched financing to aid commerce clients, recently launched various fee income adjacencies that make it more relevant to its borrowers. Oxyzo‘s assets under management is growing rapidly, the company said. The SaaS offering for marketing, Bidassist, has grown to 2.7 million unique users. Recently, it expanded its offerings to include SMEassist that provides software for ERP, manufacturing, finance and procurement.
The company intends to penetrate deeper into supply chains on the commerce side, while also building out technology for its SaaS solutions and financing engine.
OfBusiness integrates technology to SME’s buying behaviour to make available better products, at better prices, with comprehensive online and offline support. It supplies key raw materials including metals, chemicals, polymers, agri commodities, petrochemicals and building materials. OfBusiness also provides SMEs access to cash flow-based financing for buying raw materials.
Asish Mohapatra, CEO and co-founder, said, “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 unorganised, fragmented market structure of B2B in India.”
Started in 2016, the firm has forayed into manufacturing and infrastructure. OfBusiness said it expects its revenue to grow four-fold in commerce. Oxyzo, the company’s financing platform that provides cash flow matched financing to aid commerce clients, recently launched various fee income adjacencies that make it more relevant to its borrowers. Oxyzo‘s assets under management is growing rapidly, the company said. The SaaS offering for marketing, Bidassist, has grown to 2.7 million unique users. Recently, it expanded its offerings to include SMEassist that provides software for ERP, manufacturing, finance and procurement.
The company intends to penetrate deeper into supply chains on the commerce side, while also building out technology for its SaaS solutions and financing engine.
