Partnership · Enterprise Software & IT

OfBusiness invests $2.5 million in TraceCost

By Startup Enthusiast · 27 July 2022

What they do

OfBusiness is a B2B platform that helps businesses source raw materials and bid for government tenders

It made a strategic investment of $2.5 million in TraceCost, a construction cost tracking software company

The investment aims to drive digital adoption in construction companies across India, North America and the Middle East

OfBusiness made a strategic investment of $2.5 million in TraceCost.
TraceCost provides online real-time construction cost tracking software.
Its software lets builders review site operations remotely, predict inventory levels, and optimize delivery schedules.
The investment will drive digital adoption in construction-focused companies across India, North America and the Middle East.

OfBusiness is a B2B raw materials procurement platform with over 5,000 clients and 2,000 suppliers.
Its lending arm Oxyzo recently became a unicorn after raising a $200 million Series A led by Alpha Wave.
OfBusiness itself raised $325 million at a $5 billion valuation in December 2021.
The company reported FY21 operating revenue of Rs 1,748 crore and profit over Rs 55 crore, up 73% from the previous year.

OfBusiness helps businesses source raw materials and bid for government tenders.
It offers collateral-free loans up to Rs 2 crore through its lending arm Oxyzo.
The platform serves categories including Metals, Chemicals, Apparel, and Food Processing.
It claims over 5,000 clients, 2,000 suppliers, and has delivered 1 million+ orders.
OfBusiness has a BidAssist tool for government procurement with 2,000+ tender sources and 13,000+ daily tenders.

The investment will drive digital adoption in construction-focused companies across India, North America and the Middle East.

OfBusiness (investor) — B2B raw materials procurement platform that also offers collateral-free loans through its lending arm Oxyzo.

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