OfBusiness, a B2B e-commerce platform that also offers credit lines, has hit a $3bn valuation after the close of its $200m Series F.
Tiger Global acted as the lead investor, which saw it pick up a 5% stake in the FinTech company. Additional commitment also came from existing OfBusiness backers SoftBank Vision Fund II and Falcon Edge Capital.
The company’s $3bn valuation highlights OfBusiness’s rapid growth, having nearly grown fourfold since April 2020 when it was valued at $800m. Prior to the Series F, OfBusiness also raised a $160m investment from SoftBank in July, which had put its valuation at $1.5bn.
With the capital injection, the company hopes to bolster its position in the market
India-based OfBusiness was founded by Asish Mohapatra, Ruchi Kalra, Bhuvan Gupta, Vasant Sridhar and Nitin Jain. The company helps SMEs purchase a selection of raw materials, including steel, polymers, TMT bars, cement, agriculture and foods, petroleum, chemicals, solar, leather, textiles and more.
Not only does OfBusiness help them purchase these materials, it also offers them a selection of working capital loans. Through its mobile app, which is available on Android and Apple devices, a company can get a quote, apply for a loan and track their shipments.
The company’s loan book currently sits at $240m and is growing 80% year-over-year, it said.
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