OfBusiness, a Gurgaon-based online marketplace for business-to-business (B2B) commerce, has raised $5 million (around Rs 34 crore) in a Series-A funding round led by Matrix Partners India.
The funds will be used to expand the team and build a technology platform for SMEs (small and medium enterprises) who are increasingly moving online to discover and transact with new customers and suppliers.
Select entrepreneurs and angels also invested in this Series-A. They include Apoorva Patni, Bhavish Aggarwal, Pranay Chulet, Prashant Malik, Rohit MA and Sumesh Menon.
“We see the key foundations of our economy being disrupted by technology in the coming decade. OfBusiness is at the heart of this huge opportunity, focusing on B2B commerce between SMEs. Given the absence of technology in this domain, we see a large scope for innovation to enable convenience and rapid scale for the SMEs and us,"
Asish Mohapatra, co-founder and chief executive officer of OfBusiness, said in a statement on Thursday.
“SMEs in India are already using the Internet (through WhatsApp) for information-sharing and communication. We believe in the OfBusiness vision that these SMEs are ready to transact, beginning in an assisted manner for all their monthly purchases," said Matrix India managing director Vikram Vaidyanathan.
OfBusiness, which is focusing initially on product commerce, is planning enter the healthcare sector soon. Operational in 10 states across the country, it is currently active across the construction and manufacturing verticals.