OfBusiness introduces app for MSMEs to procure raw materials and access credit

• ByStartupStory     |    March 4, 2023

Ofbusiness, a B2B unicorn, has introduced a new app to assist micro, small, and medium enterprises (MSMEs) in purchasing raw materials and obtaining credit. The app provides a comprehensive solution that allows business owners to procure raw materials from within the app, compare prices with vendors across India, handle orders, and track shipments’ live location.

OfBusiness will act as a buyer aggregator through the new app, procuring raw materials from manufacturers and delivering them to buyers without requiring any collateral. Nitin Jain, co-founder of OfBusiness, stated that the app aims to enhance the smooth supply chain system for micro-enterprises, which comprise the majority of the MSME ecosystem.

OfBusiness has served the requirements of more than 700,000 SMEs in 30 distinct business sectors since its establishment in 2015. Jain credits the platform’s success to its 200-member sales team, which has played a crucial role in ensuring that SMEs have a smooth supply chain operation.

The new app is equipped with built-in AI and supports 10 regional languages, allowing users to interact in conversation. The live shipment location tracking feature will assist business owners in better planning their operations. With the app, OfBusiness can broaden its services by expanding further into the supply chain ecosystem and focusing on micro-enterprises in Tier III and IV towns, with a revenue target of approximately Rs 35,000 crore for FY 23-24.

OfBusiness to monetize new app through ad banners and transaction fees, targets 10 million MSMEs in 6 months

OfBusiness, a B2B unicorn, has launched a new app to help micro, small, and medium enterprises (MSMEs) procure raw materials and access credit. The app supports 10 regional languages and has built-in AI, enabling the user to interact in conversation. The company plans to monetize the app through ad banners and a transaction fee of one to two percent. Its IPO launch has been pushed due to the absence of outside funding for now, with the aim of going public when the market is stable.

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