OfBusiness, a Gurugram-based B2B e-commerce platform, has raised $200 million in its Series F round led by Tiger Global. The funding round also saw participation from existing investors-SoftBank Vision Fund II and Falcon Edge Capital.

First reported by Entrackr, citing two sources, OfBusiness has raised the fresh round at a $3 billion valuation (post-money). This is an exponential rise in the company’s valuation which was valued at $800 million in April and $1.5 billion in July when it raised $160 million and marked its entry in the unicorn club.

The Gurugram-based B2B e-commerce platform will use the funds to strengthen its leadership position in the raw material supply chain [commerce] and financing business.

OfBusiness | Provide Smart Procurement And Smart Financing To SMEs

Started by Asish Mohapatra, Bhuvan Gupta, Nitin Jain and Ruchi Kalra, OfBusiness offers a full-stack solution to SMEs enabling commerce and financing through a single marketplace.

The six-year-old company helps source raw material and provides companies with a portal to bid for government tenders. Additionally, the B2B e-commerce platform offers access to cash flow-based financing for buying raw materials through its NBFC Oxyzo Financial Services. 

Claiming to be growing at 4X year-on-year (YoY), OfBusiness crossed the $1.2 billion (Rs 8,700 crore) revenue run rate mark in commerce as of September 2021.

The Gurugram-based B2B e-commerce platform has recorded Rs 84 crore profit in FY21 and is expecting to post a profit of Rs 350 crore in the ongoing financial year. Through its NBFC Oxyzo Financial Services, OfBusiness has generated close to 60% of its total profit in FY21.

Competing with the likes of Moglix, Infra.Market, Zetwerk and a few others, OfBusiness saw its revenue from operations grow by nearly 34% to Rs 850 crore for the fiscal year 2020.

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