SME Marketplace OfBusiness raises Rs 75 Cr in Series B

OfBusiness, a Gurugram-based online marketplace for business-to-business (B2B) commerce, has raised has raised Rs 75 Crores in its Series B funding round led by Zodius Technology Opportunities Fund (ZTOF), with participation from existing investors Matrix Partners India and angels.

Ofbusiness was launched in January 2016 by Asish Mohapatra, a former director at Matrix; Bhuvan Gupta, ex-vice president of engineering at Snapdeal; and former McKinsey partner Ruchi Kalra.

It was started with the aim of solving the problems of price discovery, reliability and financial access in one of India’s largest and inefficient segments, the SME space, by harnessing the power of technology. The startup combines commerce, credit and logistics services for SMEs in the geographical clusters that it operates in. The commerce is around primarily raw materials in construction and manufacturing and suppliers on the platform are also mostly SMEs that find new markets and channels.

Ofbusiness is currently present in 10 industrial and construction clusters across India. The latest infusion of funds takes the total capital raised by the company to over Rs 100 Crore.

The funds raised will be used expand its footprint to cover 30+ clusters, the company said.

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