Indian B2B platform OfBusiness rakes in $110m led by Falcon Edge

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Business-to-business (B2B) platform OfBusiness has raised $110 million in a funding round led by Falcon Edge Capital, per an announcement.

The financing also saw the participation of existing investors Creation Investments, Matrix Partners India, and Norwest Venture Partners. The round, a mix of primary and secondary transactions, saw 12 angel investors and 73 employees sell stock worth $13 million.

According to a report in The Economic Times, the latest round values OfBusiness at about $800 million.

The company will invest the capital in expanding its tech-based offerings for the B2B ecosystem. It is also planning investments and acquisitions to penetrate deeper into existing supply chains.

“In our mission of serving businesses who are core to nation-building, we have attained strong growth with profitability even through these uncertain periods. 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,” said OfBusiness co-founder and CEO Asish Mohapatra.

Founded in 2015 by Mohapatra, Bhuvan Gupta, Chandranshu, Nitin Jain, Ruchi Kalra and Srinath Ramakkrushnan, OfBusiness offers a technology-led full-stack solution that spans raw material fulfilment, growth opportunities, and working capital financing.

Over the last year, the company has also raised $200 million in debt from 40 lenders, including IDFC First Bank, Kotak Mahindra Bank, State Bank of India, Punjab National Bank, ICICI Bank, HDFC Bank, Bandhan Bank and AU Small Finance Bank.

The company said it has a gross merchandise value (GMV) run rate of $1.5 billion and a profit before tax run rate of $20 million.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.