OfBusiness valuation nearly doubles to $3 billion after Tiger Global-led funding

OfBusiness, a business-to-business (B2B) commerce startup, has raised $207 million in fresh funding led by New York-based investment fund Tiger Global.

Its valuation post-money has nearly doubled to around $3 billion from July, when Japan’s SoftBank Vision Fund II led a $160 million round .

Both SoftBank as well as Falcon Edge-managed Alpha Wave Incubation have participated in the funding round, OfBusiness cofounder and chief executive Asish Mohapatra told ET.


Tiger Global has put $150 million into the New-Delhi based startup. The company is likely to add another $15-$20 million in the existing round.

“Since SoftBank invested in us, we have grown 2.5 times by revenue. Over the last three months, we continue to grow 30% on a month-on-month basis,” Mohapatra said.

This is the third major fundraise by OfBusiness this year, reflecting the broader trend of record capital being pumped into the startup economy.

In April, after a $110 million round, the company was valued at $800 million.

Mohapatra said it plans to expand operations and is in the middle of closing several acquisitions as well.

“We have been profitable but (acquisitions) will increase our profit margins into double digits. We have reached a scale where we need meaningful control (over the supply chain),” Mohapatra had told ET after closing the SoftBank-led funding round.

The company typically earns margins of 5-10% but acquisitions could help take its margins up to the early teens and onward to the 20% mark, he had said.

Founded five years ago, OfBusiness is currently at an annual revenue run-rate of $1.4 billion, Mohapatra added.