India’s unicorn frenzy continues with OfBusiness, a platform aiding the country’s small and medium businesses (SMEs) in procuring raw materials. The startup recently secured $160 million in funding, led by Japanese investor SoftBank.
Valuation and Funding
OfBusiness attained a valuation of over $1.5 billion following this funding round, marking its entry into the unicorn club. The term “unicorn” refers to a privately held company valued at or above $1 billion. Apart from facilitating raw material sourcing for SMEs, OfBusiness also extends credit of up to ₹2 crore to these entrepreneurs through its non-banking financial company (NBFC) platform, Oxyzo Financial Services.
Funding Details
SoftBank spearheaded the funding, with participation from existing investors Matrix Partners India and Falcon Edge Capital. Asish Mohapatra, CEO and co-founder of OfBusiness, expressed optimism about leveraging SoftBank’s resources across capital and international markets.
Previous Funding and Recognition
In April of the same year, OfBusiness raised $110 million in a funding round led by Falcon Edge Capital. Sumer Juneja, a partner at Softbank Investment Advisors, commended OfBusiness for its market leadership, growth trajectory, and emphasis on profitability.
Company Background
Founded in 2015, OfBusiness quickly rose to prominence, securing a spot as the 17th high-growth company in the Asia Pacific region according to the Financial Times’ top 500 rankings. In an interview with The Economic Times in April 2021, Mohapatra hinted at the company’s plans for an initial public offering (IPO) within the next two years.
As OfBusiness continues its journey, its recent funding underscores its pivotal role in empowering SMEs and highlights India’s evolving startup landscape.
Clara Cardoso
Mariana Oliveira
