Total amount raised
$978.1 Millions
Latest funding date
Location
Title
OfBusiness has successfully raised significant capital, including a recent $100 million funding round, to support its tech-enabled platform for raw material procurement and credit services for SMEs. The company is backed by 20 investors, including prominent names like Tiger Global Management and SoftBank Vision Fund.
Keep reading to explore the intricacies of OfBusiness's fundraising journey and the investors backing this innovative platform.
What Is OfBusiness?
OfBusiness, founded in 2015, is a tech-enabled platform based in Gurgaon, Haryana, India. The company specializes in raw material procurement and credit services for SMEs, particularly in the manufacturing and infrastructure sectors.
Founded by Asish Mohapatra, Bhuvan Gupta, Chandranshu Sinha, Nitin Jain, Ruchi Kalra, Srinath Ramakkrushnan, and Vasant Sridhar, OfBusiness has grown significantly since its inception. The platform offers a range of products, including raw material procurement, credit services, and SaaS and AI solutions.
With a workforce of over 10,001 employees, OfBusiness continues to empower SMEs by providing essential resources and financial support. The company's innovative approach has made it a key player in the B2B sector in India.
How Much Funding Has OfBusiness Raised?
- Funding Round: Series C
- Amount Raised: $29M
- Date: July 2018
- Lead Investors: Alpha Wave Global, Creation Investments Capital Management, LLC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand market reach.
- Funding Round: Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2019
- Lead Investors: InnoVen Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support business growth and operational expansion.
- Funding Round: Series D
- Amount Raised: ₹2.4B
- Date: September 2019
- Lead Investors: Norwest Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technological capabilities and expand market presence.
- Funding Round: Series D
- Amount Raised: $110M
- Date: April 2021
- Lead Investors: Alpha Wave Global
- Valuation at Round: $800M
- Motivation Behind the Round: To scale operations and enhance technology.
- Funding Round: Series E
- Amount Raised: $160M
- Date: July 2021
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: $1.5B
- Motivation Behind the Round: To support rapid business growth and market expansion.
- Funding Round: Series F
- Amount Raised: $200M
- Date: September 2021
- Lead Investors: Tiger Global Management
- Valuation at Round: $3B
- Motivation Behind the Round: To further penetrate supply chains and build out technology.
- Funding Round: Series G
- Amount Raised: $185M
- Date: December 2021
- Lead Investors: Alpha Wave Global, SoftBank Vision Fund, Tiger Global Management
- Valuation at Round: $5B
- Motivation Behind the Round: To acquire 20 companies and expand into new markets.
- Funding Round: Secondary Market
- Amount Raised: $140M
- Date: December 2021
- Lead Investors: Alpha Wave Global, SoftBank Vision Fund, Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide partial exits to early investors.
- Funding Round: Secondary Market
- Amount Raised: $100M
- Date: October 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing business operations and strategic initiatives.
Total Amount Raised: $924M. Current Valuation: $5B.
Key Investors
- Tiger Global Management
- Details: Tiger Global Management is a global investment firm that deploys capital in both public and private markets. It has a strong track record of investing in high-growth technology companies.
- Investment Focus Areas: Internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Flipkart.
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is a venture capital fund managed by SoftBank Group, focusing on technology-driven companies. It is one of the largest technology investment funds in the world.
- Investment Focus Areas: Artificial intelligence, robotics, telecommunications, financial technology.
- Notable Investments: Uber, WeWork, ARM Holdings.
- Alpha Wave Global
- Details: Alpha Wave Global is a venture capital firm known for investing in high-growth technology companies. It has been a significant player in the tech investment landscape.
- Investment Focus Areas: Technology, internet, software, consumer.
- Notable Investments: Not publicly disclosed.
- Norwest Venture Partners
- Details: Norwest Venture Partners is a global venture capital and growth equity investment firm. It has a diverse portfolio across various sectors.
- Investment Focus Areas: Technology, healthcare, financial services, consumer products.
- Notable Investments: Spotify, Uber, BlueJeans.
- Matrix Partners India
- Details: Matrix Partners India is a venture capital firm that invests in early-stage companies across various sectors in India. It has a strong presence in the Indian startup ecosystem.
- Investment Focus Areas: Technology, consumer, healthcare, financial services.
- Notable Investments: Ola, Practo, Quikr.
What's Next for OfBusiness?
OfBusiness is poised to capitalize on significant opportunities in the industrial goods and services procurement sector. With plans to penetrate deeper into supply chains and enhance its SaaS solutions, the company is well-positioned to leverage its recent $325 million funding round. The acquisition of 20 companies by early 2022 will further bolster its market presence, particularly in the agri supply chain space.
Future fundraising prospects appear promising, given the strong investor confidence demonstrated by major players like Alpha Wave Ventures II, Tiger Global Management, and SoftBank Vision Fund II. However, challenges such as integrating acquired companies and maintaining profitability amidst rapid expansion could pose hurdles. Competition from other unicorns in the B2B space remains a significant factor to watch.
Use Clay to Get Funding Data
Sales professionals, take advantage of Clay's platform to access comprehensive fundraising data on companies like OfBusiness and gather other critical business insights.
Sign up for free on Clay and elevate your sales strategy with unparalleled data and insights.
