OfBusiness Revenue, Valuation, Funding & Investors

OfBusiness is valued at $4B as of October 2024, a 1.9x multiple on its last reported $2.1B revenue.

Last OfBusiness valuation

$4B

Secondary · Oct 2024

Last OfBusiness funding round

$12M

Series A · Apr 2025

OfBusiness revenue

$2.1B

Secondary · Oct 2024

Key investors in OfBusiness

  • Z47
  • Alpha Wave Global
  • SoftBank Group
  • Tiger Global
  • Norwest
  • Creation Investments Capital Management, LLC

OfBusiness Overview

About OfBusiness

OfBusiness is a Delhi-headquartered B2B procurement platform serving small and medium enterprises in India's manufacturing and infrastructure sectors. It supplies raw materials such as metals, chemicals, polymers, agricultural commodities, petrochemicals, and building materials through online and offline channels. The company provides cash flow-based financing via its NBFC arm Oxyzo Financial Services and tech tools like BidAssist for tender opportunities.


Founded

2015

HQ

IndiaGurgaon

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Revenue

$2.1B (Oct 2024)

Valuation

$4B (Oct 2024)

OfBusiness Valuation

OfBusiness is currently valued at $4B, based on its secondary sale in October 2024.

OfBusiness' valuation has grown 80x from $50M at its Series A in February 2016 to $4B in October 2024, across 7 priced rounds.

OfBusiness valuation by funding round

Revenue multiple
OfBusiness valuation by funding round
DateStageValuationRevenue Multiple
Oct 2024Secondary$4B1.9x
Dec 2021Secondary$5B26.7x
Sep 2021Series F$3B-
Jul 2021Series E$1.6B-
Apr 2021Series D$800M-
Dec 2016Series B$50M-
Feb 2016Series A$50M-

OfBusiness Revenue

OfBusiness' latest recorded revenue is $2.1B, as of its secondary sale in October 2024. At a $4B valuation, that implies a 1.9x revenue multiple.

Revenue grew from $187M in December 2021 to $2.1B in October 2024, while the revenue multiple moved from 26.7x to 1.9x.

OfBusiness revenue by funding round

OfBusiness revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Oct 2024$2.1B$4B1.9xSecondary
Dec 2021$187M$5B26.7xSecondary

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

OfBusiness Funding History

OfBusiness has raised a total of $701M across 9 funding rounds, plus 2 secondary share sales.

OfBusiness' first fundraising round was a $5M Series A in February 2016. The most recent completed round was a $12M Series A in April 2025.

OfBusiness funding rounds

OfBusiness funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2025Series ACornerstone Ventures (lead)$12M-OfBusiness is a B2B commerce platform providing raw material procurement and credit solutions to small and medium enterprises (SMEs) across sectors like steel, chemicals, textiles, manufacturing, and infrastructure. It operates a marketplace connecting over 45,000 suppliers with 1.3 million SMEs, enabling transparent pricing, seamless transactions, and tailored financing. The company recently launched Nexizo.AI, a SaaS platform for top-tier SMEs in infrastructure and manufacturing. In April 2025, OfBusiness raised Rs 100 crore (approximately $11.7 million) from Cornerstone Ventures, marking the VC firm's first investment from its $200 million second fund launched in April 2024. The funds will drive digital adoption and financing access for SMEs. This follows a $325 million round in December 2021 led by Alpha Wave Global, Tiger Global, and SoftBank, which valued the company at $5 billion, bringing total funding to over $650 million prior to this round. A secondary transaction in October 2024 valued it at approximately $4 billion. For FY24 ended March 31, 2024, OfBusiness reported operating revenue of Rs 19,296 crore, up 25.7% from Rs 15,343 crore in FY23, with consolidated net profit rising 30% to Rs 603 crore from Rs 463 crore. The company converted to a public entity in January 2025 and is preparing for a $750 million to $1 billion IPO in the second half of 2025, targeting a valuation of $6-9 billion, with banks including Axis Capital, Morgan Stanley, JPMorgan, Citigroup, and Bank of America.
Oct 2024Secondary-$100M$4BOfBusiness is a B2B ecommerce platform founded in 2015 that serves small and medium enterprises by offering products such as steel, non-ferrous metals, chemicals, agricultural products, polymers, energy commodities, textiles, construction materials, and leather. The company also provides financing access for SMEs and converted to a public entity in January 2024 as a step toward an IPO valued at $750 million to $1 billion. In October 2023, OfBusiness closed a secondary transaction valuing the company at $4 billion, enabling early investors like Zodius Capital and Z47 to exit fully or partially. On October 17, 2024, OfBusiness raised Rs 100 crore from Cornerstone Ventures to drive digital adoption and financing for SMEs. This investment came from Cornerstone's $200 million second fund, marking its first in late-stage B2B enterprise tech. For the financial year ended March 31, 2024, OfBusiness reported operating revenue of Rs 19,296.27 crore, up 25.7% year-over-year, with consolidated net profit rising 30% to Rs 602.97 crore. Previously, OfBusiness achieved significant growth, with FY23 operating revenue doubling to Rs 15,342.57 crore and profit at Rs 463 crore. The company has a history of multiple funding rounds, including a $325 million Series G in 2021 at $5 billion valuation led by Alpha Wave Global, Tiger Global, and SoftBank Vision Fund 2.
Dec 2021SecondaryAlpha Wave Global (lead); SoftBank Group (lead); Tiger Global (lead)$140M$5BOfBusiness is a technology-enabled B2B platform facilitating raw material procurement, business financing, and supply chain solutions for manufacturing and infrastructure sectors, including its O’AgriFarm brand for agriculture. In December 2021, it raised $325 million in a Series G round led by Alpha Wave Global (Alpha Wave Ventures II), SoftBank Vision Fund 2, and Tiger Global Management, achieving a post-money valuation of nearly $5 billion. The round included a $140 million secondary share sale providing partial exits to early investors like Zodius Technologies, Matrix Partners India, and employee stockholders. This marked OfBusiness's fourth major funding round in 2021, following a $110 million raise at $800 million valuation in April, $160 million led by SoftBank at $1.5 billion in July (entering unicorn status), and $207 million led by Tiger Global at $3 billion in September. The company plans to use the capital for deeper supply chain penetration, SaaS and financing expansion, acquisitions (targeting 20 companies in online commerce and agri by early 2022), export markets, and manufacturing entry, while eyeing an IPO within 9-12 months. OfBusiness reported Rs 1748 crore in revenue and Rs 55.7 crore profit for FY21 ending March 2021, with profitability sustained for four years driven by technology efficiencies. Commerce contributes 50% of revenues, lending arm Oxyzo 35%, and agri supply chain 15%; agri vertical targets $400 million revenue run rate for the year with marginal EBITDA profitability and aims for 4x YoY commerce revenue growth. Monthly GMV reached $120 million (41% jump since August 2021), targeting $180-200 million run rate by fiscal year-end.
Dec 2021Series GAlpha Wave Global (lead); SoftBank Group (lead); Tiger Global (lead); Ncubate Capital Partners$140M--
Sep 2021Series FTiger Global (lead); SoftBank Group; Z47; Alpha Wave Global$200M$3BOfBusiness is an Indian B2B platform providing raw material procurement and financing solutions for SMEs through its marketplace and Oxyzo credit arm. In September 2021, it raised $207 million in a funding round led by Tiger Global, achieving a post-money valuation of $3 billion, following a July round at $1.5 billion led by SoftBank Vision Fund II. This was the third major fundraise that year, after an April round at $800 million valuation. Investors in the September round included Tiger Global as lead, with the capital aimed at expanding platform operations, supply chain, and SME financing amid rapid sector growth. The company reported strong traction with monthly GMV of $120 million (up 41% since August), targeting $180-200 million run rate by fiscal year-end, and had made six acquisitions in online commerce and agri spaces. Its agri supply chain business, launched a year prior, was approaching profitability with a $400 million revenue run rate for the year. Overall revenue breakdown showed 50% from B2B raw materials, 35% from Oxyzo lending, and 15% from agri. For FY21 (ending March 2021), it recorded Rs 1748 crore in revenue and Rs 55.7 crore profit. OfBusiness expanded internationally into GCC and Australia, planning Canada entry, and eyed manufacturing and exports. It competed with unicorns like Moglix and Infra.Market, positioning for an IPO by 2022.
Jul 2021Series ESoftBank Group (lead); Z47; Alpha Wave Incubation; Alpha Wave Global$160M$1.6B-
Apr 2021Series DAlpha Wave Global (lead); Creation Investments Capital Management, LLC; Norwest; Z47$110M$800M-
Sep 2019Series DNorwest (lead); Z3Partners; Z47; Alpha Wave Global$34M--
Jul 2018Series CAlpha Wave Global (lead); Creation Investments Capital Management, LLC (lead); InnoVen Capital (lead); Zodius Capital; Z47$29M--
Dec 2016Series BZodius Capital (lead); Norwest; Z47$11M$50MOfBusiness is a technology-enabled B2B marketplace launched in 2016, focusing on material supply, credit, and logistics for SMEs in manufacturing and construction sectors. It operates on a cluster-based approach in regions like Odisha, Delhi NCR, Tamil Nadu, Andhra Pradesh, and Maharashtra. In December 2016, OfBusiness raised $11.1 million (INR 75 crore) in its Series B round led by Zodius Technology Opportunities Fund, with participation from Matrix Partners India and angels. Zodius invested $8 million at a $50 million valuation. The funds supported expansion to additional clusters and obtaining a non-banking financial company license.
Feb 2016Series AZ47 (lead); Bhavish Aggarwal; Sumesh Menon; Capier Investments; Patni Wealth Advisors; Prashant Malik; Apoorva Patni; Pranay Chulet; Titan Capital$5M$50MOfBusiness is a Gurgaon-based technology-enabled B2B platform and SME marketplace operating in fragmented supply chains for raw materials like metals, plastics, petrochemicals, industrial chemicals, food grains, and building materials across infrastructure and manufacturing sectors. Launched in January 2016, it provides a full-stack solution combining commerce, credit, logistics, and financing services for SMEs in clusters including NCR, Tamil Nadu, Andhra Pradesh, and Maharashtra. In late 2016, Zodius Technology Opportunities Fund (Zodius Capital) made an initial $8 million investment in OfBusiness at a $50 million valuation. This investment aligned with early backing from Matrix Partners India (now Z47) and angels including Apoorva Patni, Bhavish Aggarwal, Capier Investments, Patni Wealth Advisors, Pranay Chulet, Prashant Malik, Sumesh Menon, and Titan Capital, with Z47 as lead. A subsequent Series B round in December 2016 raised INR 75 crore led by Zodius with participation from Matrix Partners India and angels. Zodius fully exited its stake in recent months, realizing over $100 million in returns through a secondary sale primarily to high-net-worth individuals and family offices. Z47, holding a stake, is in talks to sell shares valued at $50-60 million to secondary funds like TR Capital and Oister Tribe Ace Fund.

Who has invested in OfBusiness?

20 investors have backed OfBusiness across its funding rounds, including Z47, Alpha Wave Global, SoftBank Group, Tiger Global, Norwest and Creation Investments Capital Management, LLC.

Lead investors include Cornerstone Ventures, Alpha Wave Global, SoftBank Group, Tiger Global, Norwest and 4 other investors.


OfBusiness Investors

Investors in OfBusiness by funding rounds participated
InvestorHQRoundsRoleFirst check
Z47IndiaMumbai7LeadFeb 2016
Alpha Wave GlobalUnited StatesMiami, FL7LeadJul 2018
SoftBank GroupJapanTokyo4LeadJul 2021
NorwestUnited StatesSan Francisco, CA3LeadDec 2016
Tiger GlobalUnited StatesNew York City, NY3LeadSep 2021
Creation Investments Capital Management, LLCUnited StatesChicago, IL2LeadJul 2018
Zodius CapitalIndiaMumbai2LeadDec 2016
Bhavish AggarwalIndiaBangalore1ParticipantFeb 2016
Sumesh MenonSingaporeSingapore1ParticipantFeb 2016
Capier InvestmentsIndiaBangalore1ParticipantFeb 2016
Patni Wealth AdvisorsIndiaMumbai1ParticipantFeb 2016
Z3PartnersIndiaMumbai1ParticipantSep 2019
Prashant MalikIndiaGurgaon1ParticipantFeb 2016

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Acquisitions by OfBusiness

OfBusiness has acquired 3 companies to date.

Last acquisition by OfBusiness was on January 5th 2025. OfBusiness acquired Noble Steels for undisclosed valuation.


Latest Acquisitions by OfBusiness

Noble Steels
Koeleman India
SMW Ispat
Description
Noble Steels is a Scunthorpe-based manufacturer of structural steel sections and billets in the United Kingdom. The company produces universal beams, columns, and parallel flange channels from recycled scrap via electric arc furnaces, supplying construction projects across Europe. It markets hot-rolled steel ingots to downstream fabricators and exports to Middle Eastern markets. Noble Steels operates a 1.2 million tonne annual capacity mill with integrated casting and rolling lines.
Koeleman India is a Nashik-based manufacturer of snack processing equipment for potato chips and namkeen production. It supplies fryers, seasoning systems, and packaging lines to food processors across India and exports to Southeast Asia.
SMW Ispat is an India-based manufacturer of TMT steel bars and steel billets from facilities in Nagpur. The private limited company supplies construction-grade products to regional markets via http://www.smwispat.com.
HQ CountryIndiaIndiaIndia
HQ City
Kanchipuram
Bangalore
Wardha
Deal Date5 Jan 202511 Apr 202319 May 2022
Valuationundisclosed$10Mundisclosed
EV/Revenue
EV/EBITDA

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Investments by OfBusiness

OfBusiness has invested in 5 companies to date.

Latest investment by OfBusiness was on August 8th 2023. OfBusiness invested in Bidso in their $300K Pre-seed round.


Latest Investments by OfBusiness

Bidso
Lawyered
TraceCost
FarMart
Description
Bidso is a B2B logistics platform connecting manufacturers with freight carriers for optimized supply chain management. Seoul-based, it specializes in truckload booking, route planning, and real-time tracking for industrial goods transportation across Asia. The platform employs matching algorithms to pair shippers with available capacity, reducing empty miles and delivery times in the manufacturing sector.
-
TraceCost is a project cost management platform for construction and engineering firms. Hosted in the US, it standardizes processes for budgeting, forecasting, and change order tracking. Used by EPC contractors, integration with Procore and Oracle Primavera improves predictability on multimillion-dollar builds.
FarMart is a Nepal-headquartered agritech platform connecting farmers to inputs, finance, and markets via mobile app. It operates in Kathmandu Valley and Chitwan, supplying seeds from Nepal Seed Company and facilitating sales to wholesalers in India.
HQ CountryIndiaIndiaCanadaIndia
HQ City
Bangalore
Gurgaon
Calgary
Gurgaon
Deal Date8 Aug 20233 Apr 202327 Jul 202221 Oct 2021
RoundPre-seedSeedStrategic investmentSeries A
Raised$300K$2M$3M$10M
InvestorsNishit Garg; Saurabh Jain; Mohit Sadaani; DeVC; PeerCapital; Revant BhateiAngels Network; Finvolve-Omidyar Network India; Amit Lakhotia; Avaana Capital; Dhyanesh Shah; Jitendra Gupta; Revant Bhate; Z47; KP Balaraj; 500 Global; InnoVen Capital
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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OfBusiness Competitors

OfBusiness competitors include listed companies like TBO.com and Izumi Co, and private ones like Zetwerk, Inxeption, Jusda and Tradeshift.

Public and private companies comparable to OfBusiness
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ZetwerkIndiaBangalorePrivate$102M$20M$3.1B-
InxeptionUnited StatesUnited StatesPrivate$300M-$3B10.0x
JusdaChinaShenzhenPrivate--$2.5B-
TradeshiftUnited StatesSan Francisco, CAPrivate$100M-$2B-
TBO.comIndiaIndiaPublicly listed$262M$41M$1.8B5.2x
Izumi CoJapanJapanPublicly listed$3.7B$300M$1.4B0.6x

OfBusiness Public Comps

OfBusiness is still privately-owned, but its public comps include Travel+Leisure, Openlane, Inchcape, MakeMyTrip, Tongcheng Travel, Rightmove, Seek, Rasan, Goto Gojek Tokopedia and Vend Marketplaces.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Travel+Leisure$4B$684M2.3x2.3x13.6x8.9x
Openlane$1.9B$302M2.4x2.2x15.2x12.2x
Inchcape$12B$867M0.4x0.4x5.4x5.0x
MakeMyTrip$1B$171M5.0x4.5x30.3x25.7x
Tongcheng Travel$2.9B$659M0.7x0.7x3.0x2.6x
Rightmove$571M$397M8.5x8.2x12.3x11.7x
Seek$914M($63M)4.2x4.5x(61.7x)10.2x
Rasan$174M$73M16.1x11.0x38.6x25.9x

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Common questions about OfBusiness

When was OfBusiness founded?OfBusiness was founded in 2015.
Where is OfBusiness headquartered?OfBusiness is headquartered in Gurgaon, India.
Is OfBusiness publicly listed?No, OfBusiness is a private, VC-backed company.
What is OfBusiness' valuation?OfBusiness was last valued at $4B in its secondary sale in October 2024.
How much funding has OfBusiness raised?OfBusiness has raised $701M across 9 funding rounds.
What was OfBusiness' last funding round?OfBusiness' last funding round was a $12M Series A in April 2025, led by Cornerstone Ventures.
Who are OfBusiness' investors?OfBusiness' investors include Z47, Alpha Wave Global, SoftBank Group, Norwest, Tiger Global, Creation Investments Capital Management, LLC, Zodius Capital, Bhavish Aggarwal, Sumesh Menon, Capier Investments and 10 others.
What is OfBusiness' revenue?OfBusiness' latest recorded revenue is $2.1B (October 2024).
What is OfBusiness' revenue multiple?OfBusiness' latest valuation implies a 1.9x revenue multiple ($4B valuation on $2.1B of revenue).
Which companies are comparable to OfBusiness?Companies comparable to OfBusiness include Zetwerk, Inxeption, Jusda, Tradeshift, TBO.com and Izumi Co.
How many companies has OfBusiness acquired?OfBusiness has acquired 3 companies, including Noble Steels, Koeleman India and SMW Ispat.
What was the largest acquisition by OfBusiness?The $10M acquisition of Koeleman India in April 2023 is the largest acquisition OfBusiness has made to date.
How many companies has OfBusiness invested in?OfBusiness has invested in 5 companies, including Bidso, Lawyered, TraceCost, FarMart and UpScalio.
What was OfBusiness' last investment?In August 2023, OfBusiness invested in Bidso's $300K pre-seed round alongside Nishit Garg, Saurabh Jain, Mohit Sadaani and 3 other investors.

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