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B2B e-commerce platform OfBusiness in talks with SoftBank to raise $150-M

Economic Times  

Bengaluru-based OfBusiness, a business-to-business (B2B) e-commerce platform, is in talks with Japan's SoftBank Group Corp. to raise USD 100-150 million at a valuation of USD 1.2 billion. OfBusiness is a B2B firm in the raw material supply chain space. It offers raw material procurement services and credit to small and medium enterprises (SMEs) through its NBFC Oxyzo Financial Services, which, along with the B2B platform, claims a customer base of around 9,000. OfBusiness recently closed a USD 97 million round led by Falcon Edge and was valued at around USD 800 million in April. Some angel investors and employees sold shares in the funding round, taking the total size to USD 113 million. It counts Matrix Partners India, Creation Investments, and Norwest Venture Partners as its existing investors.