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.

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