OfBusiness has raised $110 million in its Series D2 funding round at a $800 million post-money valuation. The funding round was led by Falcon Edge Capital and also saw participation from Matrix Partners India, Norwest Venture Partners and Creation Investments.
Asish Mohapatra – Cofounder and Chief Executive Officer told to ET, “In our mission of serving businesses who are core to nation-building, we have attained strong growth with profitability even through these uncertain periods,”
Mohapatra said, “We have an unwavering belief in the potential of commerce and financing in the B2B landscape and our vision is to just keep doing more of what we have done so far.”
OFB Tech (OfBusiness) is a tech-enabled platform that facilitates raw material procurement and credit for SMEs with focus in the manufacturing and infrastructure sectors.
Key raw materials include metals, chemicals, polymers, agri commodities, petrochemicals and building materials. OfBusiness provides SMEs access to cash flow-based financing for buying raw materials through its NBFC ‘Oxyzo Financial Services’. The Company also offers a host of tech services for SMEs including BidAssist for new growth opportunities.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.