OfBusiness, a Gurgaon, India – based technology enabled SME financing platform, raised INR 200 crore (approx $29m) in Series C financing.
The round was led by Creation Investments and Falcon Edge with participation from existing investors Matrix Partners India and Zodius Capital. With this new round of funding, the company has raised a total of INR 500 crore of equity and debt funding to date. It has also raised debt lines from Kotak, Tata Capital, RBL Bank and Northern Arc amongst other lending partners.
The capital will be used for continued rapid growth and model scaling.
Led by Asish Mohapatra, co-founder and CEO, OfBusiness has created a new category of purchase finance for SMEs with a variety of short-term and long-term financial products, enabling access to institutional credit. It combines financing and a raw materials platform through technology. Underwriting of loans is done by evaluating financial data of the SME and proprietary data on anchor customers contributed by the SME community of buyers and sellers.
Among others, the company has also developed a proprietary platform, Bidassist, to allow SMEs to discover new growth opportunities across public and private tenders.
OfBusiness is the brand name for Oxyzo Financial Services, a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India and its parent OFB Tech Private Limited that provides various B2B services to SMEs.
The company currently has operations across 25 industrial clusters across 9 hubs.