OfBusiness, an India-based provider of raw material procurement and business lending services, has picked up $207m in a series F round backed by internet and telecommunications group SoftBank, TechCrunch reported yesterday.
Investment firm Tiger Global Management led the round, which valued OfBusiness at $3bn and which also featured asset manager Falcon Edge Capital’s Alpha Wave Incubation subsidiary.
Founded in 2015, OfBusiness provides raw material procurement services for small businesses in the manufacturing and infrastructure sectors. It also partners several banks to offer access to unsecured credit lines for raw material procurement.
OfBusiness will use the funding to expand its operations in India and is also considering potential merger and acquisition deals. SoftBank Vision Fund 2 led a $160m series E round for the company in August this year that included Falcon Edge Capital and Matrix Partners and which gave it a $1.5bn valuation.
OfBusiness had previously raised $110m in an April 2021 series D2 round led by Falcon Edge that included Matrix Partners, Creation Investments and Norwest Venture Partners (NVP). It came after NVP led a $35m series D round in September 2019 also backed by Matrix Partners and Falcon Edge.
The company had secured $29.2m in a 2018 series C round co-led by Creation Investments and Falcon Edge, which invested together with Matrix Partners and Zodius Capital. It had raised $16m across its series A and B rounds in 2016, from investors including Matrix Partners and Zodius Technology Opportunities Fund.