IPO-Bound OfBusiness Gets Rs 100 Cr From Cornerstone Ventures

IPO-bound OfBusiness, a B2B commerce and supply chain platform has raised Rs 100 Crore (around $11.7 Mn) from Cornerstone Ventures.

Cornerstone made this investment from its second fund, which has a total size of $200 million. The fund had its first close at $40 million in January and plans to reach its second close by the end of this year.

The unicorn company plans to use the new funds to boost digital adoption and improve access to financing for small and medium businesses (SMEs).

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“OfBusiness is our first investment in the late-stage strategy and one of the opportunities we have been excited about for a while now. Delighted to become a part of its journey as the leading commerce and supply chain platform for Indian SMEs across sectors,” said Cornerstone Ventures’ managing partner Abhishek Prasad.

About OfBusiness

Founded in 2016 by Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta and Nitin Jain,OfBusiness helps SMEs in manufacturing and infrastructure with raw material sourcing and financing through its platform.

With a network of over 45,000 suppliers and 1.3 million SMEs, the company focuses on major sectors such as steel, chemicals and textiles.

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So far, it has raised around $878 million and is backed by investors like Alpha Wave Ventures II, Tiger Global and SoftBank.

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