[Funding alert] Matrix-backed OfBusiness raises $200M led by Tiger Global Management
, a technology-enabled B2B commerce and financial services platform, on Friday announced that it has raised $200 million in Series F led by Tiger Global Management, with participation from existing investors Matrix Partners India, SoftBank Vision Fund 2, and Falcon Edge Capital, at a valuation topping $3 billion.
The current fundraise is aimed at establishing its presence in newer domains with several acquisitions, alliances, and joint ventures in the pipeline. OfBusiness also intends to make several strategic investments into value-added services in the supply chain, which add value to the product and services being delivered 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.
"We want to be at the forefront of this opportunity as these supply chains get remodeled, redesigned, and/or recreated. We welcome Tiger Global to the family and aim to leverage their experience and muscle in global markets.”
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.”
Commenting on the investment, Vikram Vaidyanathan, Managing Director, Matrix India, said, “We've been privileged to witness this outstanding growth journey as early partners. The exponential growth achieved with benchmark profitability further cements OfBusiness' position as the market leader of the B2B space. We welcome Tiger Global to the partnership and look forward to the near-term journey of creating an IPO scale institution.”
OfBusiness today operates across 20 locations across the country with its suite of services and increasing its footprint steadily, including its new foray into international imports in niche sectors in India.