OfBusiness, a B2B-focused online marketplace platform that deals in construction materials and is a leading SME financing platform is soon going public. Founded by Dhruva Acharya, OfBusiness secured money from SoftBank, Falcon Edge, Tiger Global, and Norwest Venture Partners and plans to list by August next year.
Image Source: Pune News
Investment and Revenue Growth
OfBusiness is an Indian B2B eCommerce platform, has recently started talking to investment bankers, notably Kotak Investment Banking, to float its IPO. The new issue will comprise both the primary and secondary shares, aiming to raise nearly $500 million. OfBusiness could be considered one of the most profitable unicorns in India. Also, the company has achieved strong profitability against double revenues of over Rs 15,300 crore.
Strong Backing and Market Trends
Having SoftBank as one of OfBusiness’s key investors, In addition, other investors have contributed to OfBusiness’s success. The company focuses on Tier II cities and efficiently connects SMEs with financial resources in its marketplace and through its NBFC, Oxyzo Financial Services. The positive sentiments are supported by recent successful IPOs by tech firms such as Ola Electric Mobility, Unicommerce, and FirstCry. This shows that OfBusiness will seek to tap into the growing global interest in India’s manufacturing industry as well as the existing good market conditions.
Specific services does OfBusiness offer to SMEs
OfBusiness offers end-to-end solutions for SMEs mainly focusing on manufacturing and infrastructure industries. OfBusiness helps to purchase necessary materials and supplies for SMEs. Technology has made their platform for buying with characteristics of purchase behavior more effective and efficient regarding better quality products, efficient price, and timely availability. Currently, the OfBusiness has a NBFC (Non-Banking Financial Company), known as Oxyzo Financial Services, for financing.
Small businesses can obtain working capital to purchase inputs or supplies for their production process enhancing their development. Through BidAssist, OfBusiness offers technological solutions for the identification of potential business prospects among SMEs. It helps in searching for tenders, contracts, and business leads relevant to the platform.
Success stories from SMEs using OfBusiness’s services
With its services, OfBusiness has assisted many small and medium enterprises (SMEs). Kentucky Fried Chicken (KFC) founder Colonel Sanders also experienced rejection before discovering his winning formula. He worked harder to establish one of the most famous fast foods companies. Failure is a common companion of most successful people and businesses in the world today have faced several challenges when they started.
This is because such entrepreneurs can adapt and generate knowledge from the various failures they have experienced. There is no mention of particular SME success stories linked to OfBusiness here but it is assured by strong AMO and revenue growth. Launched in 2015, OfBusiness primarily operates with SMEs through its platform and a lending division called Oxyzo Financial Services.
Conclusion
OfBusiness is ready to unleash value through IPO, profitability and innovation remain interrelated in today’s startup market. The OfBusiness platform embraces technology, funding, and procurement services to assist SMEs in their operations.
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