OfBusiness, a platform for industrial goods and services procurement, has raised $325 million in a Series G round led by Alpha Wave Ventures II, Tiger Global Management, and Softbank Vision Fund 2.
Norwest Venture Partners, Matrix Partners India, Zodius Technologies, Pantherea Growth Fund, and Marshall Wace are also investors in the company. The current round also includes a secondary sale for $140 million.
According to OfBusiness, the new funds were raised at a valuation of around $5 billion. In the last eight months, the Gurugram-based company’s valuation has increased by more than 6X. In April, the company was valued at $800 million, $1.5 billion in July, and $3 billion in September, when it raised $200 million led by Tiger Global.
With this, the company joins the illustrious company of Razorpay, Swiggy, Dream11, Postman, and others, whose valuations have increased multiple times by 2021 to exceed $5 billion during the year. According to a press release from OfBusiness, the funds will be used to penetrate deeper into supply chains on the commerce side, as well as to build out technology for its SAAS solutions and financing engine.
OfBusiness also stated that some of the firm’s early investors, including Zodius Tech, Matrix India, and Creation Investments, have made a partial exit in this financing round. The round also resulted in the partial liquidation of approximately 80 ESOP holders.
The six-year-old company, founded by Asish Mohapatra, Ruchi Kalra, Bhuvan Gupta, Vasant Sridhar, and Nitin Jain, assists companies in sourcing raw materials and provides a portal for companies to bid on government tenders. Through its NBFC Oxyzo Financial Services, it also provides access to cash flow-based short-term financing for the purchasing raw materials.
