Business-to-business (B2B) e-commerce company OfBusiness on Monday announced that it has raised $325 million in its series G round led by Alpha Wave Ventures II, Tiger Global Management, and SoftBank Vision Fund 2. It was valued at approximately $5 billion in the round.
The Delhi-based start-up, established in 2016, sells industrial goods online and provides financing to small businesses through its NBFC arm 'Oxyzo Financial Services.'
Commenting on the development, Asish Mohapatra, CEO and co-founder, OfBusiness, said, “OfBusiness is well on its way to create a B2B ecosystem that marries large scale with profitability, health and engagement. Our march in the last 3 years across all our 3 businesses (B2B Commerce marketplace, Financing and SAAS) has been rapid but there is still long way to go given the depth and unorganised fragmented market structure of B2B in India. We believe that we are in the nascency of the B2B revolution in the country and are privileged to drive it ahead.”
Ofbusiness is also one of the rare profitable start-ups which has attained unicorn status this year. Earlier, Mohapatra had stated that the company will list on the stock exchanges in the next 1-2 years.