Credit and Finance for MSMEs: Small and medium enterprise (SME) focused platform for raw material procurement and credit access OfBusiness has raised $110 million in a Series D round of funding led by Falcon Edge Capital. The current investors at a six-year-old startup such as Matrix Partners India, Creation Investments, and Norwest Venture Partners also participated in the most up-to-date round that came more than 18 months soon after it final raised $34 million in September 2019. The existing round also witnessed 73 workers and 12 angel investors at OfBusiness sell stock worth $13 million.
OfBusiness focuses on enterprises in manufacturing and infrastructure sectors toward their procurement of metals, chemical substances, polymers, agri commodities, petrochemicals, and developing supplies. It facilitates money flow-based financing for purchasing raw supplies via its NBFC Oxyzo Financial Services. The corporation claimed a GMV run price of $1.5 billion. Over the final year, OfBusiness secured $200 million in debt from more than 40 lending partners such as IDFC First, Kotak, SBI, Bank of Baroda, Bank of India, Punjab National Bank, ICICI, HDFC, and other people. The corporation will deploy the new capital towards expanding its quantity of provide chains and regions it operates in. It is also seeking to make a handful of strategic investments and tuck-in acquisitions to penetrate deeper into current provide chains.
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“We have an unwavering belief in the potential of commerce and financing in the B2B landscape and our vision is to just keep doing more of what we have done so far,” stated Asish Mohapatra, Co-founder and CEO, on behalf of group OfBusiness. “OfBusiness stands alone today in the B2B supply chain terrain in its provision of a value-added full-stack solution to small and medium enterprises,” stated Navroz Udwadia, Partner, Falcon Edge Capital. The most up-to-date round has taken the total fundraising by OfBusiness to $193.1 million across seven rounds of funding, as per Crunchbase.
India’s on-line B2B industry is anticipated to develop from $1.7 billion at 80 per cent CAGR to $60 billion by 2025, according to a RedSeer study. The industry has a margin of -4 per cent nevertheless it has the prospective to boost to almost two-fold on the back of direct procurement from brands, giving worth-added services such as technologies options and credit, and so on. Among the prominent startups in India’s B2B e-commerce industry are Udaan, ShopX, Jumbotail, and so on.