The Series F brings OfBusiness’ total funding to $530.6M. Here are the top-line bullets you need to know.
OfBusiness, a B2B e-commerce platform, has raised $204M in a Series F. The round drew participation from Tiger Global Management, SoftBank Group, and Falcon Edge Capital.
How’s the company performing?
- India-based OfBusiness facilitates the sourcing of raw material and also provides financing to small and medium business enterprises for such sourcing.
- The company collaborates with banks to offer credit lines to SMEs whose annual turnover is more than $3M.
- In September 2021, OfBusiness reported 4x year-over-year growth, with its commerce revenue run rate surpassing $1.2B, and a loan book size of $220M.
- The company has over 2000 suppliers and more than 5000 clients, including Sail, Tata Steel, Jindal Steel, and JSW.
Why does the market matter?
- The global B2B e-commerce market is projected to grow at a CAGR of 18.7% to reach a value of $25.65T by 2028, according to Grand View Research.
- Several vendors have adopted digital transformation initiatives to ensure smooth operations, which has increased the demand for technologies to help manage online shopping operations, payments processing, and more.
- The onset of the Covid-19 pandemic and subsequent rise in the volume of online purchases have also contributed to market growth.