SME finance platform OfBusiness raises $ 110 million from Falcon Edge Capital – valuation reaches $ 800 million

  • Work raised $ 110 million from Falcon’s Edge Capital. The cycle also saw the participation of its existing investors Matrix Partners India, Creation Investments and Norwest Venture Partners.
  • OfBusiness leads the raw material supply chain for the manufacturing and infrastructure sectors and claims to have a gross value of goods (GMV) $ 1.5 billion execution rate.
  • In a recent interview, the company’s co-founder Asish Mohapatra said it is also aiming for an IPO within the next two years.

The business-to-business platform OfBusiness has raised $ 110 million from Falcon Edge Capital. The cycle also saw participation from its existing investors Matrix Partners India, Creation Investments and Norwest Venture Partners. With this round, the company raised a total of $ 170 million.

The last round values ​​the company at
$ 800 million, which makes it a Soonicorn (soon to be a unicorn, a startup valued at $ 1 billion).

OfBusiness leads the raw material supply chain for the manufacturing and infrastructure sectors and claims to have a gross value of goods (GMV) execution rate of $ 1.5 billion and an execution rate of $ 1.5 billion. profit before tax (PBT) of $ 20 million. It also manages a cash flow financing activity for the purchase of raw materials through its NBFC Oxyzo Financial Services platform. The industry had seen another Infra.Market startup turn into a unicorn in February of this year.

OfBusiness, which was founded in 2015, was also ranked 17th in Financial Time‘Top 500 high growth companies in APAC in April 2020.

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

“Their relentless execution of building India’s largest B2B platform has positioned them as the leader in the B2B industry. With their track record of profitable growth, they are on track to build an IPO scale business, ”Vikram Vaidyanathan, Managing Director of Matrix India said in a statement.

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