IPO · Enterprise Software & IT

OfBusiness plans $1B IPO for H2 2025

By Startup Enthusiast · 3 September 2024

What they do

OfBusiness is a B2B platform for raw materials like polymers, steel and agri goods

It plans a $750M–$1B IPO in India in the second half of 2025, with a fresh issue of $200M

The company is merging subsidiaries before the listing and targets a $6B–$9B valuation

OfBusiness plans an IPO in India in the second half of 2025.
The IPO size is expected to be $750M–$1B.
It includes a fresh issue of $200M; the rest is a secondary sale (existing shareholders sell their shares; no new money reaches the company).
The company is in talks with Bank of America, Citi, JP Morgan and Morgan Stanley as banks.
IPO proceeds will be used for debt repayment and business growth.
OfBusiness is merging its subsidiaries to streamline operations before the listing.
The company targets a valuation of $6B–$9B.

OfBusiness raised over $800M in total funding and was valued at ~$5B in 2021.
Its major investors include Tiger Global (~15%), SoftBank (~15%) and Alpha Wave Global (18%).
The Indian benchmark index rose 16% in 2024, the best in Asia, providing a favourable market for IPOs.

OfBusiness is a B2B platform for procuring raw materials such as polymers, agri goods, industrial steel, metals, chemicals, apparel and food processing inputs.
It also offers a credit platform for SMEs.
The company has delivered 1M+ orders and empowered 1.5M+ SMEs.
It operates across 26 states in India and serves 70+ countries.
OfBusiness has 4,500+ suppliers in metals, 1,800+ in chemicals, 2,600+ in apparel and 21,000+ in food processing.
It runs in-house brands: 4 in metals, 4 in chemicals and 4 in food processing.
Its product BidAssist helps businesses find government procurement opportunities, with 2K+ tender sources and 13K+ daily tenders.
The company reported FY24 net profit of $72.6M and revenue of $2.3B.

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