IPO · Commerce & Consumer Brands

OfBusiness plans $800m IPO for November 2026 listing

By Startup Enthusiast · 5 August 2026

What they do

OfBusiness is a B2B commerce platform that helps small businesses buy raw materials and get financing

The company plans to raise up to $800 million through an initial public offering in November 2026

This follows a restructuring delay and targets a valuation of $5-6 billion amid a recovering Indian market

OfBusiness is reviving its initial public offering (IPO) plans after earlier delays due to weak markets.
The company aims to file a draft prospectus by November 2026.
The total IPO size is set at up to $800 million in proceeds.
Up to $200 million will come from fresh shares issued by the company.
The remainder of the funds will be raised from existing shareholders selling their stakes.
Target valuation has been adjusted to a range of $5-6 billion.
Advisers include major banks like Morgan Stanley, JPMorgan Chase, and Citigroup.
SoftBank Group remains the lead investor backing this strategic move.

The Indian IPO market is recovering after a subdued first half of 2026.
Companies raised approximately $6.8 billion year-to-date compared to record highs in 2025.
OfBusiness previously shelved listing attempts due to corporate restructuring delays.
The company converted to a public entity in December 2024 to prepare for this step.
A target valuation of $5-6 billion reflects current market conditions versus previous higher estimates.

OfBusiness operates as a B2B commerce platform combining procurement with embedded financing.
It supplies metals, chemicals, agricultural commodities, and apparel to small and medium enterprises.
The firm also provides building materials, ingots, bitumen, and polymers to its customer base.
Its financing arm, Oxyzo, offers collateral-free purchase financing and credit lines.
Technology features include BidAssist for government tenders and VED AI for price tracking.
The company runs manufacturing units for metals, chemicals, apparel, and food processing.
It serves over 1.5 million SMEs across 26 states and 70 countries.
The supplier network includes thousands of vendors in metals, chemicals, and food sectors.
The platform facilitates delivery of over 1 million orders to its business clients.

SoftBank Group Corp. (lead) — Global investment fund managing large-scale technology investments.
Tiger Global Management (participated) — Investment firm focusing on internet, media, and software companies.
Norwest Venture Partners (participated) — Venture capital firm investing in high-growth technology companies.
Matrix Partners (participated) — Venture capital firm supporting entrepreneurs in technology and life sciences.
Falcon Edge Capital (participated) — Investment firm focused on mid-market and growth-stage companies.

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