Matrix-backed e-commerce startup OfBusiness has announced that it has secured $200 million in the Tiger Global led Series F funding round. The round also saw participation from existing investors including Falcon Edge Capital and SoftBank Vision Fund II.
Speaking on the announcement, Asish Mohapatra, CEO and Co-Founder of OfBusiness, commented, “The India B2B markets across intermediaries, financial services, and manufacturers are fast consolidating, driven by technology and access to efficient debt capital. This is driven by massive tailwinds of global demand being diverted to India in the core sectors and supply consolidating in large players. We want to be at the forefront of this opportunity as these supply chains get remodeled, redesigned, and/or recreated. We welcome Tiger Global to the family and aim to leverage their experience and muscle in global markets.”
Griffin Schroeder, Partner, Tiger Global Management, stated, “OfBusiness is rapidly digitizing raw material procurements across many categories in India. They have created a unique proposition for buyers that is faster, and cheaper, by combining commerce and lending on a single platform. India’s B2B market provides enormous opportunities, and we are excited to support OfBusiness in tackling them.”
Vikram Vaidyanathan, Managing Director at Matrix India, added, “We’ve been privileged to witness this outstanding growth journey as early partners. The exponential growth achieved with benchmark profitability further cements OfBusiness’ position as the market leader of the B2B space. We welcome Tiger Global to the partnership and look forward to the near-term journey of creating an IPO scale institution.”
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.