SME financing platform OfBusiness raises $110 million from Falcon Edge Capital – valuation hits $800 million

Advertisement
SME financing platform OfBusiness raises $110 million from Falcon Edge Capital – valuation hits $800 million
OfBusiness
  • OfBusiness has raised $110 million from Falcon Edge Capital. The round also saw participation from its existing investors Matrix Partners India, Creation Investments, and Norwest Venture Partners.
  • OfBusiness drives raw material supply chain for manufacturing and infrastructure sectors and claims to have gross merchandise value (GMV) run rate of $1.5 billion.
  • In a recent interview, the company’s co-founder Asish Mohapatra said that it is also aiming for an IPO in the next two years.
Business-to-business platform OfBusiness has raised $110 million from Falcon Edge Capital. The round also saw participation from its existing investors Matrix Partners India, Creation Investments, and Norwest Venture Partners. With this round, the company has raised a total of $170 million.

The latest round values the company at $800 million, making it a soonicorn (soon to be unicorn, a startup with a valuation of $1 billion).

OfBusiness drives raw material supply chain for manufacturing and infrastructure sectors and claims to have gross merchandise value (GMV) run rate of $1.5 billion and a profit before tax (PBT) run rate of $20 million. It also runs a cash flow-based financing business for buying raw materials through its NBFC platform Oxyzo Financial Services.

Advertisement

The sector had seen another startup Infra.Market turn unicorn in February, this year.

OfBusiness, which was founded in 2015, was also ranked 17 in Financial Times’ top 500 high growth companies in APAC in April 2020.

Mohapatra told ET that the company has been profitable for three years now and is also aiming for an initial public offering (IPO) in the next two years.

Advertisement
“Their relentless execution towards building India’s largest B2B platform has positioned them as the leader in the B2B space. With their profitable growth record, they are well on the way towards creating an IPO scale company,” said Vikram Vaidyanathan, managing director of Matrix India in a statement.



{{}}