PE Fund Investments
B2B procurement platform OfBusiness gets Rs.100-Cr from Cornerstone Ventures
Gurugram-headquartered, B2B (business-to-business) industrial goods and services procurement platform OfBusiness has raised INR 100 crore (about USD 11.7 million), led by Cornerstone Ventures. OfBusiness is set to launch its initial public offering (IPO) in the second half of 2025.Cornerstone made this investment through its USD 200 million second fund. The proceeds will be used to drive digital adoption and financing access for small and medium enterprises (SMEs).Co-founded in 2016 by Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta, and Nitin Jain, OfBusiness provides raw material procurement and financing solutions to SMEs operating in the manufacturing and infrastructure sectors through its platform.
Between Feb 2016 and Dec 2021, OfBusiness had attracted about USD 768 M from Alpha Wave Global, Marshall Wace, Panthera Growth Partners, SoftBank Corp, Tiger Global, Creation Investments, Norwest, Z47, Zodius Capital, Currae Healthtech Fund and others.
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