B2B platform OfBusiness raises $160m to become India’s 18th unicorn in 2021

Photo by Annie Spratt on Unsplash

The Indian startup ecosystem saw three new entrants to the coveted league of unicorns in July, taking the total tally in 2021 to 18.

Two of them are trucking platform BlackBuck and vehicle marketplace Droom, which reached a valuation of $1.02 billion and $1.2 billion, respectively, after raising funds.

The latest entrant is business-to-business (B2B) platform OfBusiness, which during the weekend announced a $160 million equity fundraise led by SoftBank Vision Fund 2, at a valuation of $1.5 billion.

The current funding round also saw participation from Matrix Partners India and Falcon Edge Capital.

A startup is termed a unicorn after its valuation is pegged at $1 billion or above.

Through the funding, OfBusiness is now expecting to make strategic investments, acquisitions and create joint ventures to increase its control over supply chains.

Started five years ago, OfBusiness is a technology-enabled platform that facilitates raw material procurement and credit in the B2B markets with a focus on the manufacturing and infrastructure sectors.

It enables B2B commerce on its platform to help customers get better products at competitive prices, while adhering to their timelines through online and offline support.

The platform currently enables raw material procurement across sectors including infrastructure such as roads, housing and irrigation, and manufacturing supply chains like engineering, food processing, heavy machinery and capital goods.

“The time for disruption in B2B commerce in traditional sectors of the economy was long overdue and has arrived. To take on the challenges of scale and uniqueness of B2B, one must be armed with teams, knowledge, technology and an ability to solve credit needs. OfBusiness has been striving to build all four across its B2B businesses,” said Asish Mohapatra, CEO and co-founder, OfBusiness.

OfBusiness also provides two software-as-a-service (SaaS) products—marketing platform Bidassist that touches over 2.4 million users and a business operating system for small and medium enterprises called SME Assist.

OfBusiness aims to cross the $1.1 billion revenue run rate mark on its e-commerce business by September.

The article was first published on livemint.com.

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.