The startups in India are witnessing astonishing growth as the Angel Investors, VC, and PE are growing investment in the Indian startups. Recently, OfBusiness, an industrial goods and services procurement platform, has raised ₹100 crore (approximately $11.7 million) in a fresh funding round led by Cornerstone Ventures.
Interestingly, the company is gearing up for its initial public offering (IPO) in the 2H 2025. OfBusiness has secured over $650 million in funding, including a $325 million round led by Alpha Wave, Tiger Global, and SoftBank, which valued the company at $5 billion.
Cornerstone Ventures made the latest investment through its second fund, a $200 million vehicle launched last year. The fund had its first close at $40 million in January and is targeting a second close by year-end.
According to a press release from the company, the new funds will be used to enhance digital adoption and expand financing access for small and medium enterprises (SMEs).
Founded in 2016 by Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta, and Nitin Jain, OfBusiness offers raw material procurement and financial solutions to SMEs in the manufacturing and infrastructure sectors.
Alpha Wave is the largest external stakeholder with a 19.16% stake, followed by Creation Investment and Matrix. Other key investors include SoftBank, Norwest, and Tiger Global. For FY24, OfBusiness reported a 25.8% year-on-year increase in revenue, reaching ₹19,296 crore, up from ₹15,343 crore in FY23. Net profits also rose 30.2% YoY to ₹603 crore.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
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Published on: Apr 17, 2025, 11:38 AM IST
Sachin Gupta
Sachin Gupta is a Content Writer with 6+ years of experience in the stock market, including global markets like the US, Canada, and Australia. At Angel One, Sachin specialises in creating financial content that simplifies complex market trends. Sachin holds a Master's in Commerce, specialising in Economics.
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