OfBusiness Expands into Food Processing Sector with Koeleman India Acquisition

• ByStartupStory     |    April 12, 2023

OfBusiness, a leading B2B marketplace, has expanded its operations into the food processing sector through the acquisition of Koeleman India, a subsidiary of Koeleman Foods International based in the Netherlands. The transaction, which is estimated at a value of $10 million, will result in OfBusiness obtaining a 100% stake in Koeleman India.

Koeleman India, headquartered in Bengaluru and known for its food processing unit located in Narsapura, Karnataka, specializes in processing various fruits and vegetables including gherkins, olives, and baby corn. The company is a trusted supplier of these products to major food corporations in the United States, Europe, and Australia.

Through its recent acquisition of Koeleman India, OfBusiness will now have access to the food processing facility and the lucrative export markets served by Koeleman India. This strategic move reflects the growing interest among large corporations in expanding their presence in the high-growth Indian food processing industry, particularly in the branded and private label segments. The deal was advised by Global Investment Bank Limited on behalf of the Koeleman Group. 

OfBusiness, established in 2016 by founders Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta, and Nitin Jain, is a prominent B2B marketplace that specializes in procuring raw materials, with a specific emphasis on agriculture and building materials, for Small and Medium Enterprises (SMEs) throughout India. The company is supported by notable investors including SoftBank, Tiger Global, Norwest, Zodius, and Matrix Partners.

OfBusiness, a B2B marketplace that has also ventured into cash-flow based financing for SMEs through its financial arm Oxyzo, achieved unicorn status in March last year. The company recorded impressive financial performance in FY22, with a notable 3.6X YoY increase in net profit, reaching INR 201.11 Cr. Furthermore, its revenue from operations surged by over four-fold, totaling INR 7,139 Cr for the fiscal year ending in March 2022. OfBusiness has recently launched a mobile app aimed at onboarding SMEs, traders, farmers, and distributors. The app provides valuable information on raw material prices and industry news, contributing to reducing market opacity, as shared by OfBusiness co-founder Nitin Jain. 

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