OfBusiness, a B2B Commerce platform, has raised ₹100 crore in a fresh funding round from Cornerstone Ventures. The latest investment comes as the company prepares to launch its Initial Public Offering (IPO) in the second half of 2025.
Cornerstone invested through its $200 million second fund, which had its first close at $40 million in January 2025.
The funds raised will be used to drive digital adoption and financing access for small and medium enterprises (SMEs).
Before this, OfBusiness raised $325 million in a marquee round led by Alpha Wave, Tiger Global, and SoftBank at a valuation of $5 billion. Alpha Wave is the largest external stakeholder with a 19.16% stake, followed by Creation Investment and Matrix. Other key investors include SoftBank, Norwest, and Tiger Global.
“This fund has a hybrid strategy to back both early-growth companies (about 70% of the corpus) and late-stage scaled B2B businesses (about 30% of the corpus). Our goal is to serve as an end-game partner through scale-up, consolidation, and eventual exit or IPO. OfBusiness is our first investment in the late-stage strategy and one of the opportunities we have been excited about for a while now. We are delighted to become part of its journey as India’s leading commerce and supply chain platform for SMEs,” said Abhishek Prasad, Managing Partner at Cornerstone Ventures.
“To us, the Indian SME sector represents a massive and largely untapped opportunity. OfBusiness, with its integrated commerce and financing model, has demonstrated the ability to aggregate demand and supply at scale and organize this highly fragmented market,” said Vatsal Bavishi, Partner at Cornerstone, who led the deal.
Founded in 2015 by Asish Mohapatra, Ruchi Kalra, and Bhuvan Gupta, OfBusiness operates a tech-enabled B2B marketplace that offers raw material procurement, supply chain support, and financial services. The company caters to SMEs in core industrial sectors like manufacturing, infrastructure, and textiles. Its digital platform allows businesses to discover suppliers, access transparent pricing, and transact efficiently.
OfBusiness also runs Oxyzo, its financial services arm, which provides data-driven, non-collateral loans tailored to the needs of SMEs. Combined with AI-powered tools for procurement and risk management, OfBusiness creates an end-to-end, vertically integrated ecosystem that supports India’s fragmented SME market.
With over 45,000 suppliers and a customer base of 1.3 million SMEs, OfBusiness is currently growing at 25–30% year-over-year.
OfBusiness reported a 25.8% year-on-year increase in revenue, reaching ₹19,296 crore, up from ₹15,343 crore in FY23. Net profits also rose 30.2% YoY to ₹603 crore.
The company converted into a public entity earlier this year, it changed its status to a public company and renamed itself from “OFB Tech Private Limited” to “OFB Tech Limited”.
