 "B2B e-commerce platform OfBusiness raises $325 mn at $5 bn valuation")
OfBusiness, a Delhi-based startup that sells industrial goods online and provides financing, has raised $325 million in a funding round led by Alpha Wave Ventures II, Tiger Global Management, and SoftBank Vision Fund 2. It was valued at nearly $5 billion.
The company said its B2B e-commerce revenue run rate is over $1.7 billion and SME loan book is more than $360 million in size. OfBusiness finances small businesses through its shadow-banking arm 'Oxyzo Financial Services'.
OfBusiness has registered a six-fold rise in its valuation in months since it was valued at $800 million in April in a funding round. In June, the company turned unicorn when it closed a $160 million funding round led by SoftBank Vision Fund 2 at a valuation of around $1.5 billion.
OfBusiness’s operating revenue grew 2X to Rs 1,748 crore in FY21 as compared to around Rs 850 crore in FY20, according to Entrackr. Around 85.47 per cent of this income came via sale of industrial goods and raw materials. Its sales have ballooned 2.2X to Rs 1,494.1 crore in FY21 as compared to Rs 665.6 crore in FY20.
OfBusiness, in a statement about the series G funding round, said its e-commerce revenue will grow fourfold year-on-year in FY22.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%