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.