PE Fund Investments
Fintech startup OfBusiness raises $325-M; Matrix, Zodius, Creation make part exits
Gurugram-based OfBusiness, an industrial goods and services procurement platform, has raised USD 325 million in its fourth major equity fundraise this year. The Series G round was led by Alpha Wave Ventures II (managed by Falcon Edge Capital), Tiger Global Management and Softbank Vision Fund 2, taking the overall valuation of the company to about USD 5 billion. The company also counts Panthera Growth Fund and Marshall Wace among its investors. OfBusiness will use the primary funds to diversify the business and grow its foothold in the export markets, boost its financial services and credit business, as well as to enter the manufacturing segment. The round includes a secondary sale worth USD 140 million, which saw early investors such as Zodius Tech, Matrix India and Creation Investments making partial exits. It also saw a partial liquidation for about 80 ESOPs holders. The company had raised USD 160 million in July led by Softbank Vision Fund 2, marking its entry into the unicorn club at a valuation of USD 1.5 billion. The industrial goods seller quickly doubled its valuation to USD 3 billion in September, after it raised USD 207 million, led by Tiger Global.
From the Venture Intelligence PE-VC Deal Database: Between Feb-16 and Sep-21, OfBusiness raised nearly $596-M from Falcon Edge Capital, SoftBank Corp, Tiger Global, SoftBank Corp, Matrix Partners India, Creation Investments, Norwest, Zodius Capital, InnoVen Capital, Currae Healthtech Fund, and others.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
