B2B fintech commerce startup OfBusiness raises $325 mn, aims for 2022 IPO
- ByStartupStory | December 21, 2021
Industrial goods and services procurement platform OfBusiness has raised an amount of $325 million in its Series G round led by Alpha Wave Ventures II, Tiger Global Management and Softbank Vision Fund 2. The funding round also included Norwest Venture Partners, Matrix Partners India, Zodius Technologies, Pantherea Growth Fund and Marshall Wace as its investors. The current round also includes a $140 million secondary sale.
Co-founder and CEO of OfBusiness, Asish Mohapatra plans to file its papers for an Initial Public Offering by late-2022, eyeing a domestic listing by the end of the year.
He added, “We are profitable, and going public is the natural next step. Our commerce and lending businesses will continue to grow at 4x and 2x respectively the year after next as well. There is still a long way to go given the depth and unorganized fragmented market structure of B2B in India. We believe that we are in the nascence of the B2B revolution in the country”
The company’s software platform BidAssist, which helps find government tenders for small businesses, has 2.7 million users, the company said.
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