Funding · Financial Services

OfBusiness raises ₹242.52 crore Series D round

By Startup Enthusiast · 24 September 2019

What they do

OfBusiness is a platform for B2B raw materials procurement and credit

It raised a ₹242.52 crore Series D round led by Norwest Venture Partners

The company provides collateral-free loans to merchants for working capital

OfBusiness raised ₹242.52 crore in a Series D funding round.
The round was led by Norwest Venture Partners, which invested ₹214.50 crore.
Existing investors Falcon Edge and Matrix Partners also participated, investing ₹26 crore and ₹1.87 crore respectively.
The post-money valuation is estimated at ₹1,905.53 crore ($268.4 million).
Post-round, Matrix holds 14.2%, Norwest 11.27%, and Falcon Edge 4.95% stakes.
The company had raised a ₹200 crore Series C round about 14 months ago led by Creation Investments.

OfBusiness competes with SME-focused lenders like Capital Float and Incred.
It also faces indirect competition from marketplaces like Indifi.
The platform claims a business worth over ₹1,000 crore and a network of 100+ suppliers and 1,100 clients.

OfBusiness is a B2B platform for raw materials procurement, revenue opportunities, and credit.
It provides collateral-free loans to merchants for working capital at a 1.5% coupon rate.
It helps source raw materials and offers a portal for government tender bidding.
The platform operates across metals, chemicals, apparel, and food processing categories.
It has 4,500+ suppliers in metals, 1,800+ in chemicals, 2,600+ in apparel, and 21,000+ in food processing.
It has 5 manufacturing units in metals, 5 in chemicals, 34 in apparel, and 6 in food processing.
It has 4 in-house brands each in metals, chemicals, and food processing.
Its tool BidAssist covers 2,000+ tender sources, 13,000+ daily tenders, and 3 lakh+ active tenders.
The company has delivered 1 million+ orders and empowered 1.5 million+ SMEs across 26 states in India and 70+ countries.

Product: Marketplace platform connecting SMEs to commodities including steel, metals, chemicals, agricultural products, textiles; includes financing and supply chain services
Customers: Small and medium enterprises seeking streamlined access to commodities, financing, and logistics
How it makes money: B2B marketplace model with commission on transactions and financing services
What sets it apart: Diversified vertical portfolio including apparel exports to top global retailers; operates across 75 countries