Funding · Commerce & Consumer Brands

OfBusiness raises ₹100 crore from Cornerstone Ventures

By Startup Enthusiast · 16 April 2025

What they do

OfBusiness runs a B2B marketplace for SMEs to procure raw materials like steel and chemicals

It raised ₹100 crore ($11.7 million) from Cornerstone Ventures, which invested from its $200 million second fund

The company converted to a public company in January 2025 and plans an IPO in the second half of 2025

OfBusiness raised ₹100 crore ($11.7 million) from Cornerstone Ventures.
Cornerstone Ventures managing partner Abhishek Prasad and partner Vatsal Bavishi led the deal.
Cornerstone invested from its $200 million second fund, which had a first close of $40 million in January 2025.
The funds will be used for driving digital adoption and financing access for SMEs.
OfBusiness converted to a public company in January 2025, renaming from OFB Tech Private Limited to OFB Tech Limited.
An IPO is planned for the second half of 2025, with a size of $750 million to $1 billion.
In October 2024, a secondary transaction valued OfBusiness around $4 billion; early investors Zodius Capital and Z47 made full or partial exits.

This funding comes ahead of the planned IPO, strengthening the company's balance sheet.
Cornerstone Ventures focuses on B2B enterprise tech, aligning with OfBusiness's business model.
The investment signals continued investor interest in B2B marketplaces despite a funding slowdown.
OfBusiness's conversion to a public company and IPO plans indicate a maturing business.

OfBusiness is a B2B marketplace for SMEs to procure raw materials such as steel, non-ferrous metals, chemicals, agricultural products, polymers, energy commodities, textiles, construction materials, and leather.
It also offers supply chain financing through its NBFC arm Oxyzo, providing data-driven non-collateral loans.
The platform uses AI for procurement and risk management.
It has over 45,000 suppliers and 1.3 million SME customers.
It has delivered over 1 million orders, empowered 1.5 million+ SMEs, and serves 26 states in India and 70+ countries.
FY24 operating revenue was ₹19,296 crore (up ~25.7% from ₹15,343 crore in FY23).
FY24 net profit was ₹603 crore (up ~30% from ₹463 crore in FY23).

Cornerstone Ventures (lead) — Mumbai-based venture capital firm investing in B2B enterprise tech companies. Manages a $200 million second fund with a hybrid strategy: 70% early-growth, 30% late-stage B2B businesses.

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