OfBusiness Raises $110 Million in Funding

Gurugram: New York-based hedge fund Falcon Edge Capital has led an investment of $110 million (Rs 817 crore) in SME financing platform OfBusiness.

Existing investors Matrix Partners India, Creation Investments, and Norwest Venture Partners also participated in the round which saw 73 employees and 12 angel investors sell stock worth $13 million, the Gurugram-based startup said in a statement.

“Through this infusion of capital, OfBusiness will expand the number of supply chains and regions it operates in. It also plans to make a few strategic investments and tuck-in acquisitions to penetrate deeper into existing supply chains and consolidate its dominance across them. The company will also invest heavily in expanding its tech offerings to the B2B ecosystem,” the statement added.

Over the last year, the company raised has $200 million in debt funds across its over 40 lending partners including IDFC First Bank, Kotak Mahindra Bank, and State Bank of India.

OfBusiness said it operates with a gross merchandise value (GMV) run rate of $1.5 billion.