OfBusiness becomes a unicorn startup after its recent funding which was led by SoftBank Vision Fund-II. The company is currently valued at $1.5 billion. It is the latest among the 18 startups in India that achieved unicorn status this year. Unicorn startups are those which are valued at over $1 billion.
In the $160 million funds, $150 million is contributed by SoftBank and the rest is invested by Falcon Edge Capital and Matrix Partners. Falcon Edge had earlier invested $110 million in OfBusiness when it was valued at $800 million.
Ashish Mohapatra, co-founder, and chief executive of OfBusiness had told Economic Times that the new funds will be utilized for gaining more control over the supply chain of its important areas like foodgrains, metals, plastics, petrochemicals, etc. He added that due to acquisitions, their profits would increase and it was time for them to have that control over the supply chains.
The company is currently valued at $1.1 billion. It was launched five years ago and is looking for companies that have 20-200 crores in revenue for acquisitions.
While the main field of the startup remains ‘facilitating commerce’, they have a lending vertical called Oxyzo which has an NBFC license.