Gurgaon-based technology-enabled SME marketplace Ofbusiness has raised Rs 75 Crores in its Series B funding round led by Zodius Technology Opportunities Fund (ZTOF). The funds will be used to expand its footprint to cover 30+ clusters, more product lines like consumables. The Company’s growth is also expected to be driven by its financial services subsidiary which will enable greater access to financing for the SME ecosystem.
Ofbusiness was launched in January 2016 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. It 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.
Asish Mohapatra, Co-founder, Ofbusiness said, “We at Ofbusiness are passionate about the SME space given our collective experiences and the opportunity it offers in both depth and scope for innovation. “Profitable” commerce is how we acquire customers, credit will lock them in and gradually, we will add more services in the network. We intend to build the largest SME network in India. Zodius is a highly respected name in the growth capital world, known for supporting businesses that disrupt deep offline sectors through sheer execution and technology. It’s a privilege to have them as partners in our quest to be the most trusted and deepest SME network in India.”
Ofbusiness is currently present in 10 industrial and construction clusters across India. Since its start, the Company is off to a rapid scale with best in class industry metrics in profitability, working capital, transaction sizes and repeat rates. The latest infusion of funds takes the total capital raised by the company till date to over INR 100 Crore.