Total amount raised
$978.1 Million
Latest funding date
10/1/2024
Location
OfBusiness has successfully raised funds through 12 funding rounds, with recent investors including Cornerstone Ventures and Tiger Global Management. The platform specializes in raw material procurement and credit services for SMEs, offering a comprehensive suite of solutions.
Keep reading to explore the intricacies of OfBusiness's fundraising journey and the investors backing this innovative platform.
What Is OfBusiness?
OfBusiness is a tech-enabled platform that facilitates raw material procurement and credit for SMEs. Based in Gurgaon, Haryana, India, the company operates in various industries including financial services, fintech, infrastructure, lending, and small and medium businesses.
Founded with the aim to streamline procurement and credit services, OfBusiness has grown to employ over 10,001 people. The platform offers a comprehensive suite of solutions, positioning itself as an aggregator, manufacturer, importer/exporter, and innovator in SaaS and AI solutions for the SME sector.
How Much Funding Has OfBusiness Raised?
- Series C
- Amount Raised: USD 29,000,000
- Date: July 2018
- Lead Investors: Alpha Wave Global, Creation Investments Capital Management, LLC, InnoVen Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand market reach.
- Series D
- Amount Raised: INR 2,423,500,000
- Date: September 2019
- Lead Investors: Norwest
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and expand service offerings.
- Series D
- Amount Raised: USD 110,000,000
- Date: April 2021
- Lead Investors: Alpha Wave Global
- Valuation at Round: USD 800,000,000
- Motivation Behind the Round: To support growth and expansion.
- Series E
- Amount Raised: USD 160,000,000
- Date: July 2021
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: USD 1,500,000,000
- Motivation Behind the Round: To scale operations and enhance technology.
- Series F
- Amount Raised: USD 200,000,000
- Date: September 2021
- Lead Investors: Tiger Global Management
- Valuation at Round: USD 3,000,000,000
- Motivation Behind the Round: To further expansion and technology development.
- Series G
- Amount Raised: USD 185,000,000
- Date: December 2021
- Lead Investors: Alpha Wave Global, SoftBank Vision Fund, Tiger Global Management
- Valuation at Round: USD 5,000,000,000
- Motivation Behind the Round: To penetrate deeper into supply chains and build out technology for SaaS solutions.
- Secondary Market
- Amount Raised: USD 140,000,000
- Date: December 2021
- Lead Investors: Alpha Wave Global, SoftBank Vision Fund, Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide partial exits to early investors.
- Secondary Market
- Amount Raised: USD 100,000,000
- Date: October 2024
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to shareholders.
- Series Unknown
- Amount Raised: INR 1,000,000,000
- Date: April 2025
- Lead Investors: Cornerstone Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and expansion.
Total Amount Raised: USD 924,000,000
Current Valuation: USD 5,000,000,000
Key Investors
- Alpha Wave Global
- Details: Alpha Wave Global is a global investment firm focusing on technology and growth-stage companies. They have been a lead investor in multiple funding rounds for OfBusiness.
- Investment Focus Areas: Technology, growth-stage companies.
- Notable Investments: Not specified.
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is a venture capital fund that invests in technology companies globally. They have led several funding rounds for OfBusiness, significantly contributing to its valuation growth.
- Investment Focus Areas: Technology-driven companies, AI, robotics, IoT.
- Notable Investments: Uber, WeWork, ByteDance.
- Tiger Global Management
- Details: Tiger Global Management is an investment firm that focuses on public and private companies in the global Internet, software, consumer, and financial technology industries. They have been a consistent investor in OfBusiness's funding rounds.
- Investment Focus Areas: Internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Spotify.
- Norwest
- Details: Norwest is a global venture capital and growth equity investment firm. They have participated in multiple funding rounds for OfBusiness.
- Investment Focus Areas: Technology, healthcare, business services.
- Notable Investments: Spotify, Uber, Casper.
- Cornerstone Ventures
- Details: Cornerstone Ventures is a venture capital firm that invests in early-stage technology companies. They have been involved in the latest funding rounds for OfBusiness.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Not specified.
What's Next for OfBusiness?
OfBusiness stands on the brink of significant growth, with opportunities to penetrate deeper into supply chains and enhance its SaaS solutions. The company’s valuation has surged to $5 billion, reflecting the vast potential in the industrial goods and services procurement sector. Future fundraising looks promising, given the rapid valuation increase and strong investor confidence.
However, challenges loom, including fierce competition from other unicorns and the complexities of integrating multiple acquisitions. Maintaining profitability while scaling operations will be crucial. Yet, with strategic planning and continued innovation, OfBusiness is well-positioned to navigate these hurdles and capitalize on its growth trajectory.
Use Clay to Get Funding Data
Sales professionals, leverage Clay’s platform to access comprehensive fundraising data on companies like OfBusiness and gather other critical business insights.
Sign up for free to start making data-driven decisions and stay ahead in your industry.
