Matrix-backed Ofbusiness Raises $200m


Ofbusiness, a technology-enabled B2B commerce and financial services platform, has raised $200 million in Series F funding led by Tiger Global Management, with participation from existing investors Matrix Partners India, SoftBank Vision Fund 2, and Falcon Edge Capital, for a total valuation of more than $3 billion.

With multiple acquisitions, alliances, and joint ventures in the works, the current fundraise is targeted at establishing the company’s presence in additional domains. OfBusiness also plans to make a number of significant investments in supply-chain value-added services that will enhance the product and services offered by its B2B network.

Commenting on the development, Asish Mohapatra, CEO and Co-Founder, OfBusiness, said, “The India B2B markets across intermediaries, financial services, and manufacturers are fast consolidating, driven by technology and access to efficient debt capital. This is driven by massive tailwinds of global demand being diverted to India in the core sectors and supply consolidating in large players.

Griffin Schroeder, Partner, Tiger Global Management, said, “OfBusiness is rapidly digitizing raw material procurements across many categories in India. They have created a unique proposition for buyers that is faster, and cheaper, by combining commerce and lending on a single platform. India’s B2B market provides enormous opportunities, and we are excited to support OfBusiness in tackling them.”