OfBusiness raises $110 million from Falcon edge capital

Business-to-business platform OfBusiness has raised $110 million from Falcon Edge Capital. The round additionally saw support from its current financial investors Matrix Partners India, Creation Investments, and Norwest Venture Partners. With this round, the organization has raised a sum of $170 million.

The most recent round qualities the organization at $800 million, making it a soonicorn (prospective unicorn, a startup with a valuation of $1 billion).

OfBusiness drives crude material production network for assembling and foundation areas and cases to have gross merchandise value (GMV) run pace of $1.5 billion and a profit before tax (PBT) run pace of $20 million. It additionally runs an income-based financing business for purchasing crude materials through its NBFC stage Oxyzo Financial Services.

The area had seen another startup Infra. Market turn unicorn in February, this year.

OfBusiness, which was established in 2015, was likewise positioned 17 in Financial Times’ best 500 high development organizations in APAC in April 2020.

Mohapatra revealed to ET that the organization has been productive for a very long time at this point and is additionally focusing on a initial public offer (IPO) in the following two years.