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Raw material, finance and logistics remain age-old issues for small and medium enterprises (SMEs). OfBusiness, a Gurgaon-based start-up founded by Asish Mohapatra, former director of Matrix Partners, addresses these pain points. The company, incorporated in September 2015 as an aggregator for buyers and sellers, focuses on 12 of the 300-odd SME hubs in the country and has about 1,000 suppliers.
It has raised $5 million from Matrix Partners and other angel investors and another $12 million from Zodiac Technology Opportunities Fund and Matrix Partners. OfBusiness is in talks with investors for more funds as it plans to launch a non-banking
