OfBusiness, an India-based platform for raw materials procurement, has raised $160m in a series E round led by internet and telecommunications conglomerate SoftBank’s Vision Fund 2.
The round also featured Falcon Edge Capital and Matrix Partners, and valued OfBusiness at $1.5bn. OfBusiness confirmed the amount invested, while the Economic Times identified the backers.
Founded in 2015, OfBusiness provides a platform that facilitates raw material procurement and credit for small and medium-sized enterprises, with a focus on the manufacturing and infrastructure sectors.
Through its non-banking financial company Oxyzo, businesses can access cash flow-based financing for buying metals, chemicals, polymers, agricultural commodities, petrochemicals and building materials.
The company intends to use the funding to finance acquisitions and strategic investments that will expand its presence and increase its control over the supply chain of its core segments.
OfBusiness had previously collected $5m in a series A round provided by Matrix Partners in February 2016 and $11m in a series B round led by Zodius Technology Opportunities Fund with backing from Matrix Partners ten months later.
Subsequently, Creation Investments and Falcon Edge co-led a $29.2m series C round for the company in July 2018, also featuring Matrix Partners and Zodius Capital.
A year later, OfBusiness secured $35m in a series D round led by Norwest Venture Partners, with contributions from Matrix Partners and Falcon Edge.
More recently, Falcon Edge led a $110m series D2 round for the company in April 2021. The round was filled out by Matrix Partners, Creation Investments and Norwest Venture Partners.