OfBusiness Revenue, Valuation, Funding & Investors

OfBusiness is valued at $4B as of October 2024, a 1.9x revenue multiple. OfBusiness revenue was $2.3B, as disclosed with its April 2025 round.

Last OfBusiness valuation

$4B

Secondary · Oct 2024

Last OfBusiness funding round

$12M

Series A · Apr 2025

OfBusiness revenue

$2.3B

Series A · Apr 2025

Key investors in OfBusiness

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

OfBusiness Overview

About OfBusiness

OfBusiness is an Indian business-to-business commerce company, headquartered in Gurgaon, that sells raw materials and finished goods to small and medium enterprises and finances their purchases. It was founded in 2015 by Asish Mohapatra and co-founders, and its parent entity is OFB Tech. The platform supplies steel, non-ferrous metals, bitumen, food products, apparel and footwear to domestic and international clients, and its financing arm Oxyzo provides credit to buyers. The group raised a USD 325 million Series G round in December 2021 at a valuation of about USD 5 billion from Alpha Wave Global, Tiger Global and SoftBank Vision Fund 2. It reported consolidated revenue of INR 20,645 crore and profit after tax of INR 724 crore in the year to March 2026. It has acquired steel makers SMW Ispat and Noble Steels and the garment maker Indian Design, and has been preparing a public listing of up to USD 1 billion.


Founded

2015

HQ

IndiaGurgaon

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Revenue

$2.3B (Apr 2025)

Valuation

$4B (Oct 2024)

OfBusiness Valuation

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

OfBusiness' valuation has grown 80x from $50M at its Series A in February 2016 to $4B in October 2024, across 8 priced rounds.

OfBusiness valuation by funding round

Revenue multiple
OfBusiness valuation by funding round
DateStageValuationRevenue Multiple
Oct 2024Secondary$4B1.9x
Dec 2021Series G$5B21.3x
Sep 2021Series F$3B26.2x
Jul 2021Series E$1.6B6.7x
Apr 2021Series D$800M3.4x
Sep 2019Series D$270M-
Dec 2016Series B$50M-
Feb 2016Series A$50M-

OfBusiness Revenue

OfBusiness' latest recorded revenue is $2.3B, as of its Series A in April 2025.

Revenue grew from $236M in April 2021 to $2.3B in April 2025.

OfBusiness revenue by funding round

OfBusiness revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Apr 2025$2.3B--Series A
Oct 2024$2.1B$4B1.9xSecondary
Dec 2021$235M$5B21.3xSeries G
Sep 2021$114M$3B26.2xSeries F
Jul 2021$235M$1.6B6.7xSeries E
Apr 2021$236M$800M3.4xSeries D

* 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 $886M across 9 funding rounds, plus 1 secondary share sale.

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, a Gurugram-based business-to-business e-commerce platform founded in 2015, saw a secondary share sale of around USD 100-120 million in October 2024, in which early investor Zodius Capital made a complete exit. The shares were struck at a valuation of around USD 4 billion, below the USD 5 billion at which the company was last valued in its December 2021 round. Zodius' stake was largely sold to a group of high-net-worth individuals and family offices. Zodius had invested about USD 8 million in late 2016 at a USD 50 million valuation and earned more than USD 100 million in returns on the investment. OfBusiness serves small and medium enterprises with procurement and financing for raw materials such as steel, non-ferrous metals, chemicals, agricultural products, polymers, energy commodities, textiles, construction materials and leather. The company converted to a public entity in January 2024 ahead of a planned IPO. For the financial year ended March 31, 2024, it reported operating revenue of Rs 19,296.27 crore, up 25.7% year-on-year, with consolidated net profit up 30% to Rs 602.97 crore. Its earlier backers include Alpha Wave Global, Tiger Global and SoftBank, which led a USD 325 million Series G in 2021.
Dec 2021Series GAlpha Wave Global (lead); SoftBank Group (lead); Tiger Global (lead); Ncubate Capital Partners$325M$5BOfBusiness is an Indian business-to-business commerce company, based in Gurgaon, that supplies raw materials such as steel, chemicals and agricultural products to small and medium enterprises and extends credit to them through its financing arm. In December 2021 it announced a $325 million Series G round led by Alpha Wave Global, Tiger Global and SoftBank Vision Fund 2, valuing the company at about $5 billion. It was the fourth financing round of the year, following rounds in April, July and September. Ncubate Capital Partners also took part in the round. The company said it planned to deploy the fresh funds into its commerce supply chains, technology, and its software and financing businesses. TechCrunch reported that it expected to roughly quadruple commerce revenue to $1.7 billion in the year.
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 Global$160M$1.6BOfBusiness is an Indian business-to-business commerce company, based in Gurgaon, that supplies raw materials such as steel, chemicals and agricultural products to small and medium enterprises and extends credit to them through its financing arm. In July 2021 OfBusiness raised $160 million in a Series E round led by SoftBank Vision Fund 2, valuing it at about $1.5 billion and making it an Indian unicorn. Existing investors Falcon Edge Capital, through Alpha Wave Incubation, and Matrix Partners India also took part. The company said it would use the capital for acquisitions and strategic investments to gain greater control over the supply chain of its core segments. The round roughly doubled its valuation from the $800 million set in April 2021.
Apr 2021Series DAlpha Wave Global (lead); Creation Investments Capital Management, LLC; Norwest; Z47$110M$800MOfBusiness is an Indian business-to-business commerce company, based in Gurgaon, that supplies raw materials such as steel, chemicals and agricultural products to small and medium enterprises and extends credit to them through its financing arm. In April 2021 the company closed a $110 million Series D round at a valuation of close to $800 million, led by Falcon Edge Capital, now Alpha Wave Global, with participation from existing investors including Norwest and Matrix Partners India. It was the first of four financing rounds the company completed in 2021. Within four months it raised further funds at a unicorn valuation. The capital supported the expansion of its commerce platform and its financing business for small and medium enterprises.
Sep 2019Series DNorwest (lead); Z3Partners; Z47; Alpha Wave Global$34M$270MOfBusiness is an Indian business-to-business commerce company, based in Gurgaon, that supplies raw materials such as steel, chemicals and agricultural products to small and medium enterprises and extends credit to them through its financing arm. In September 2019 the company offered Series D shares to raise about INR 242 crore, roughly $34 million, from Falcon Edge, Matrix Partners India and Norwest Venture Partners. Norwest received the largest allocation in the filings, at about INR 208 crore of the Series D preference shares. The round followed its $29.2 million Series C in 2018. The proceeds funded growth of its procurement platform and credit book for small manufacturers and contractors.
Jul 2018Series CAlpha Wave Global (lead); Creation Investments Capital Management, LLC (lead); InnoVen Capital (lead); Zodius Capital; Z47$29M-OfBusiness is an Indian business-to-business commerce company, based in Gurgaon, that supplies raw materials such as steel, chemicals and agricultural products to small and medium enterprises and extends credit to them through its financing arm. In July 2018 the company secured a Series C round of $29.2 million, co-led by Creation Investments and Falcon Edge Capital, which later became Alpha Wave Global. Existing investors Matrix Partners India and Zodius Capital invested alongside them. The round followed its Series A of $5 million in early 2016 and a Series B of about $11 million from Zodius. The capital supported the expansion of the platform and its lending book to SME buyers across Indian manufacturing and infrastructure clusters. The company had begun operations in January 2016 and was by then among the faster-growing business-to-business commerce platforms in the country.
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?

19 investors have backed OfBusiness across its funding rounds, including Z47, Alpha Wave Global, SoftBank Group, Norwest, Tiger Global 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, FL6LeadJul 2018
SoftBank GroupJapanTokyo3LeadJul 2021
NorwestUnited StatesMenlo Park, CA3LeadDec 2016
Creation Investments Capital Management, LLCUnited StatesChicago, IL2LeadJul 2018
Zodius CapitalIndiaMumbai2LeadDec 2016
Tiger GlobalUnited StatesNew York City, NY2LeadSep 2021
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 4 companies to date.

Last acquisition by OfBusiness was on December 9th 2025. OfBusiness acquired Indian Design for undisclosed valuation.


Latest Acquisitions by OfBusiness

Indian Design
Noble Steels
Koeleman India
SMW Ispat
Description
Indian Design is a Bengaluru-based manufacturer of garments and home textile products for export. It supplies global brands including H&M, GAP, Old Navy, Columbia and IKEA. The company generates annual revenue of about INR 1,300 crore. Its production is aimed at export markets. It became a fully owned part of the OfBusiness group in December 2025, when OfBusiness bought the shares held by minority shareholders. Its products are made for apparel and home furnishing retailers and sold under their labels. Together with OfBusiness own apparel sourcing partnerships, it forms an apparel vertical estimated at about INR 3,000 crore of revenue, almost 80 percent from exports.
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 CountryIndiaIndiaIndiaIndia
HQ City
Bengaluru
Kanchipuram
Bangalore
Wardha
Deal Date9 Dec 20255 Jan 202511 Apr 202319 May 2022
Valuationundisclosedundisclosed$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$1.4B-$3.1B-
InxeptionUnited StatesUnited StatesPrivate$300M-$3B10.0x
JusdaChinaShenzhenPrivate--$2.5B-
TradeshiftUnited StatesSan Francisco, CAPrivate$100M-$2B-
TBO.comIndiaIndiaPublicly listed$264M$41M$1.7B4.7x
Izumi CoJapanJapanPublicly listed$3.6B$296M$1.3B0.6x

OfBusiness Public Comps

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

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
MakeMyTrip$1B$171M4.5x4.1x27.4x23.5x
Travel+Leisure$4B$684M2.5x2.4x14.7x9.5x
Seek$902M($62M)4.7x4.9x(68.1x)11.1x
Vend Marketplaces$684M$20M6.8x6.6x233.4x17.4x
Openlane$1.9B$302M2.7x2.4x17.1x13.5x
Swiggy$2.4B($325M)1.6x1.3x(12.0x)(12.9x)
Rightmove$569M$396M8.7x8.2x12.5x11.8x
Tongcheng Travel$2.9B$664M0.6x0.6x2.7x2.3x

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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 $886M 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, Creation Investments Capital Management, LLC, Zodius Capital, Tiger Global, Bhavish Aggarwal, Sumesh Menon, Capier Investments and 9 others.
What is OfBusiness' revenue?OfBusiness' latest recorded revenue is $2.3B (April 2025).
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 4 companies, including Indian Design, 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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