Alpha Wave Global and Z47 Partners to Make $100 Million Partial Exit from OfBusiness

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The startup works with banks to offer credit lines to small and medium enterprises that have an annual turnover of over $3 million. The six-year-old startup, co-founded by Asish Mohapatra, a former VC, says it operates in nine business-to-business raw material supply chains. The platform collects data on customers’ activity that it relies on to underwrite loans to businesses that are using the OfBusiness platform for sourcing raw material and tenders.OfBusiness has come a long way in the past six years. Within months of its launch, the startup realized that the bigger problem that its customers were facing was working capital. We believe that we are in the nascency of the B2B revolution in the country and are privileged to drive it ahead.”The startup, which has been profitable for the past four years, said its recent expansions has helped it grow its revenue by four-fold this year in commerce. The startup plans to deploy the fresh funds to make deeper inroads into supply chains on the commerce side, while also broadening its technology stack for its SaaS solutions and financing engine. OfBusiness operates as a raw material aggregator and procurement finance provider. Bidassist, the company’s SAAS offering for marketing, has now grown organically to 2.7 million unique users, making it among India’s largest and most engaged scale platforms for SMBs that are looking for revenue opportunities in the public sector domain.OfBusiness says its three core offerings work in tandem and create “a healthy virtuous cycle at scale.” TechCrunch, which first reported about Falcon Edge Capital’s new fund and rebranding, reported in October that OfBusiness was in talks with Tiger Global and Alpha Wave Global to raise a new round at over $4.6 billion valuation. “OfBusiness is well on its way to create a B2B ecosystem that marries large scale with profitability, health and engagement,” said Mohapatra in a statement.