B2B Startup OfBusiness Raises $160 Million Funding, Joins Unicorn Club
Ofbusiness, a Gurugram-based B2B startup, has raised $160 million funding led by SoftBank’s Vision Fund 2, making its entry to the coveted unicorn club. The funding round also saw participation from existing investor Falcon Edge Capital.
Started by Asish Mohapatra, Ruchi Kalra, Bhuvan Gupta, and Nitin Jain, OfBusiness has successfully built a full-stack solution enabling commerce and financing through a single marketplace which is digitizing the SMEs.
The startup serves as a single-window for SMEs in the manufacturing and infrastructure space and provides them with unsecured credit lines as an alternative to financing.
Speaking on the development, Asish Mohapatra, CEO and Co-Founder at OfBusiness, said,
“The time for disruption in B2B commerce in traditional sectors of the economy was long overdue and has arrived. To take on the challenges of scale and uniqueness of B2B, one must be armed with teams, knowledge, technology and an ability to solve for credit needs. OfBusiness has been striving to build all four across its three B2B businesses. We welcome SoftBank to the family, and we are sure we will gain significantly from their muscle across capital and international markets.”
OfBusiness provides services in infrastructure and manufacturing areas such as engineering, heavy machinery, food processing, and capital goods. Additionally, the startup also has a unit providing loans to small and medium enterprises called Oxyzo, among other services.
Claiming to be growing four times year on year, OfBusiness aims to be profitable by crossing more than $1.1 billion revenue run rate in commerce by September 2021.
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