OfBusiness: A Rising Star in B2B Commerce Prepares for IPO
April 16, 2025, 10:05 pm
In the bustling world of business-to-business (B2B) commerce, OfBusiness stands out like a lighthouse in a storm. This innovative platform has just secured Rs 100 crore (approximately $11.7 million) from Cornerstone Ventures, marking a significant milestone as it gears up for its public market debut. The investment is not just a financial boost; it’s a testament to the growing confidence in OfBusiness’s model and its potential for growth.
Founded in 2015 by a dynamic trio—Asish Mohapatra, Ruchi Kalra, and Bhuvan Gupta—OfBusiness has carved a niche in the procurement of raw materials for small and medium enterprises (SMEs). Think of it as a bridge connecting SMEs to essential resources like steel, cement, and chemicals. This bridge is built on technology, allowing businesses to navigate the often murky waters of procurement with ease.
The recent funding round is Cornerstone Ventures' first investment from its second fund, which aims to raise $200 million. This fund adopts a hybrid strategy, focusing on both early-growth companies and late-stage B2B businesses. OfBusiness fits perfectly into this late-stage category, showcasing its readiness for the next big leap. The excitement surrounding this investment is palpable, with Cornerstone’s Managing Partner expressing enthusiasm about the potential of OfBusiness.
The company’s journey has been nothing short of remarkable. In the fiscal year 2024, OfBusiness reported a 25% increase in consolidated operating revenue, climbing to Rs 19,296.3 crore from Rs 15,342.6 crore the previous year. Net profit also saw a healthy rise of 30%, reaching Rs 603 crore. These figures paint a picture of a company on the rise, fueled by a robust business model and a growing market share.
OfBusiness is not just about numbers; it’s about innovation. The platform provides SMEs with access to a digital marketplace where they can find suppliers, view transparent pricing, and make purchases seamlessly. This is a game-changer for many small businesses that often struggle with procurement logistics. The integration of artificial intelligence enhances the buying process, allowing for smarter decisions and risk management.
In addition to procurement, OfBusiness has diversified its offerings through its financing arm, Oxyzo. This subsidiary provides quick, data-driven loans without the need for collateral, a lifeline for many SMEs that may lack traditional financing options. Oxyzo’s approach is akin to a breath of fresh air in a sector often bogged down by red tape.
The backing of major players like SoftBank and Tiger Global adds another layer of credibility to OfBusiness. These investment giants have recognized the potential of the platform, contributing to a total funding of approximately $764 million across various rounds. Their support is a clear signal that OfBusiness is not just another startup; it’s a formidable player in the B2B landscape.
As OfBusiness prepares for its initial public offering (IPO), the stakes are high. The company has already transitioned to a public entity, rebranding from "OFB Tech Private Limited" to "OFB Tech Limited." This move is strategic, positioning the company for greater visibility and access to capital markets. The anticipated IPO could potentially value the company at around $1 billion, a significant milestone that would elevate its status in the industry.
The market for B2B commerce is ripe for disruption. With the rise of digital platforms, traditional procurement methods are being challenged. OfBusiness is at the forefront of this shift, offering a modern solution to age-old problems. The company’s focus on SMEs is particularly noteworthy, as these businesses often represent the backbone of the economy yet face numerous challenges in accessing resources.
Looking ahead, OfBusiness plans to invest Rs 3,000 crore over the next three years to ramp up its steel business. This ambitious plan reflects the company’s commitment to growth and innovation. By expanding its manufacturing capabilities, OfBusiness aims to solidify its position as a leader in the B2B space.
In conclusion, OfBusiness is not just another player in the B2B arena; it’s a beacon of innovation and opportunity. With a solid business model, strong financial backing, and a clear vision for the future, the company is poised for success. As it prepares for its IPO, all eyes will be on OfBusiness, watching to see if it can turn its potential into reality. The journey ahead is filled with promise, and the landscape of B2B commerce may never be the same again.
Founded in 2015 by a dynamic trio—Asish Mohapatra, Ruchi Kalra, and Bhuvan Gupta—OfBusiness has carved a niche in the procurement of raw materials for small and medium enterprises (SMEs). Think of it as a bridge connecting SMEs to essential resources like steel, cement, and chemicals. This bridge is built on technology, allowing businesses to navigate the often murky waters of procurement with ease.
The recent funding round is Cornerstone Ventures' first investment from its second fund, which aims to raise $200 million. This fund adopts a hybrid strategy, focusing on both early-growth companies and late-stage B2B businesses. OfBusiness fits perfectly into this late-stage category, showcasing its readiness for the next big leap. The excitement surrounding this investment is palpable, with Cornerstone’s Managing Partner expressing enthusiasm about the potential of OfBusiness.
The company’s journey has been nothing short of remarkable. In the fiscal year 2024, OfBusiness reported a 25% increase in consolidated operating revenue, climbing to Rs 19,296.3 crore from Rs 15,342.6 crore the previous year. Net profit also saw a healthy rise of 30%, reaching Rs 603 crore. These figures paint a picture of a company on the rise, fueled by a robust business model and a growing market share.
OfBusiness is not just about numbers; it’s about innovation. The platform provides SMEs with access to a digital marketplace where they can find suppliers, view transparent pricing, and make purchases seamlessly. This is a game-changer for many small businesses that often struggle with procurement logistics. The integration of artificial intelligence enhances the buying process, allowing for smarter decisions and risk management.
In addition to procurement, OfBusiness has diversified its offerings through its financing arm, Oxyzo. This subsidiary provides quick, data-driven loans without the need for collateral, a lifeline for many SMEs that may lack traditional financing options. Oxyzo’s approach is akin to a breath of fresh air in a sector often bogged down by red tape.
The backing of major players like SoftBank and Tiger Global adds another layer of credibility to OfBusiness. These investment giants have recognized the potential of the platform, contributing to a total funding of approximately $764 million across various rounds. Their support is a clear signal that OfBusiness is not just another startup; it’s a formidable player in the B2B landscape.
As OfBusiness prepares for its initial public offering (IPO), the stakes are high. The company has already transitioned to a public entity, rebranding from "OFB Tech Private Limited" to "OFB Tech Limited." This move is strategic, positioning the company for greater visibility and access to capital markets. The anticipated IPO could potentially value the company at around $1 billion, a significant milestone that would elevate its status in the industry.
The market for B2B commerce is ripe for disruption. With the rise of digital platforms, traditional procurement methods are being challenged. OfBusiness is at the forefront of this shift, offering a modern solution to age-old problems. The company’s focus on SMEs is particularly noteworthy, as these businesses often represent the backbone of the economy yet face numerous challenges in accessing resources.
Looking ahead, OfBusiness plans to invest Rs 3,000 crore over the next three years to ramp up its steel business. This ambitious plan reflects the company’s commitment to growth and innovation. By expanding its manufacturing capabilities, OfBusiness aims to solidify its position as a leader in the B2B space.
In conclusion, OfBusiness is not just another player in the B2B arena; it’s a beacon of innovation and opportunity. With a solid business model, strong financial backing, and a clear vision for the future, the company is poised for success. As it prepares for its IPO, all eyes will be on OfBusiness, watching to see if it can turn its potential into reality. The journey ahead is filled with promise, and the landscape of B2B commerce may never be the same again.