Stake sale · Commerce & Consumer Brands

Z47 plans $200 million stake sale in OfBusiness

By Startup Enthusiast · 10 June 2026

What they do

OfBusiness is a B2B commerce platform for raw materials like metals and chemicals

Z47 (formerly Matrix Partners India) plans to sell part of its 10.8% stake for about $200 million

The secondary sale (existing shareholders sell their shares; no new money reaches the company) is expected to set a valuation benchmark ahead of…

Z47 (formerly Matrix Partners India) launched a deal to sell part of its stake in OfBusiness.
The sale is a pre-IPO secondary sale (existing shareholders sell their shares; no new money reaches the company).
Z47 aims to raise about $200 million from the stake sale.
Z47 led OfBusiness's first funding round in 2016 and currently holds 10.8% of the company.
Kotak Mahindra Capital is advising on the proposed deal.
OfBusiness was valued at $5 billion as of April 2025.
The stake sale is expected to set a valuation benchmark ahead of OfBusiness's planned IPO.

Z47 is an early investor selling part of its stake ahead of a likely IPO.
The deal will help establish a market valuation for OfBusiness before it goes public.
Other key investors include Alpha Wave Global (16.3%), Creation Investments (11.7%), Softbank (9%), and Norwest Venture Partners (8%).

OfBusiness is a top Indian B2B commerce platform for raw materials in metals, chemicals, agri-products, and apparel.
It offers procurement, revenue opportunities, and a credit platform for businesses.
It has delivered over 1 million orders and empowered over 1.5 million SMEs across 26 Indian states and 70+ countries.
It has 4500+ suppliers in metals, 1800+ in chemicals, 2600+ in apparel, and 21000+ in food processing.
It operates 5 manufacturing units in metals, 5 in chemicals, 34 in apparel, and 6 in food processing.
It offers BidAssist for government procurement, with 2000+ tender sources and 13,000+ daily tenders.
In December 2025, OfBusiness acquired the remaining 30% equity in Indian Design, a garment and home textile manufacturer.

The stake sale is expected to set a valuation benchmark ahead of OfBusiness's planned IPO.

Z47 (seller) — Formerly Matrix Partners India, led OfBusiness's first funding round in 2016 and holds 10.8% stake.
Alpha Wave Global (existing) — Holds 16.3% stake in OfBusiness.
Creation Investments (existing) — Holds 11.7% stake in OfBusiness.
Softbank (existing) — Holds 9% stake in OfBusiness.
Norwest Venture Partners (existing) — Holds 8% stake in OfBusiness.

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