OfBusiness, a leading industrial goods and services procurement platform, has raised Rs 100 crore (approximately $11.7 million) in a fresh funding round led by Cornerstone Ventures. This investment brings the total amount raised by the company to over $650 million, with significant previous funding from investors like Alpha Wave, Tiger Global, and SoftBank. The latest round sets the stage for the company’s planned initial public offering (IPO) in the second half of 2025.
The funding will be directed towards enhancing digital adoption and improving access to financing for small and medium enterprises (SMEs), a key focus for OfBusiness. The platform, co-founded in 2016 by Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta, and Nitin Jain, provides procurement and financing solutions to SMEs in the manufacturing and infrastructure sectors, enabling them to source raw materials and streamline financial operations.
Cornerstone Ventures, which made this investment through its $200 million second fund, is backing OfBusiness as part of its strategy to support the growth of innovative platforms serving the SME sector. Cornerstone’s second fund, which launched last year, marked its first close at $40 million in January and aims to raise additional capital by the end of this year.
Having achieved a valuation of $5 billion in its previous funding rounds, OfBusiness is preparing for a significant milestone with its upcoming IPO. The company’s unique model combines procurement and financing, solving crucial challenges faced by SMEs, and positioning itself as a strong player in the industrial procurement and financial services space.
