Cornerstone Ventures invests Rs 100 crore in OfBusiness
17 Apr 2025, 10:54 AMThis funding marks the VC firm's first investment from its $200 million new fund, which was launched in April 2024.
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OfBusiness, a B2B commerce and lending platform, has raised Rs 100 crore in funding from Cornerstone Ventures. This funding marks the VC firm's first investment from its $200 million new fund, which was launched in April 2024.
OfBusiness provides raw material procurement and credit solutions to small and medium enterprises (SMEs). It claims to have a network of over 45,000 suppliers and 1.3 million SMEs on its platform.
In February, OfBusiness' lending arm Oxyzo raised Rs 100 crore (approximately $12 million) in debt from AK Capital Finance, a subsidiary of merchant banker A.K. Capital Services Ltd.
In another news, OfBusiness is transitioning itself into a public company as it gears up for up to $1 billion IPO in 2025. The company has reportedly appointed five investment banks including India's Axis Capital, Morgan Stanley and JPMorgan.
"Citigroup and Bank of America have also been given the mandate to manage the stock offering," Reuters had reported in September 2024 by quoting OfBusiness chief financial officer Bhavesh Keswani.
The IPO will consist of both primary components and an offer for sale (OFS).
In October, Zodius Capital reportedly exited its investment in OfBusiness through a secondary share sale valued at approximately $100-120 million. Zodius Capital realized over $100 million from its initial $8 million investment made in late 2016. The deal valued OfBusiness, which was previously assessed at $5 billion, at approximately $4 billion.
In FY24, OfBusiness’ revenue grew to Rs 19,296 crore in FY24 from 15,343 crore in FY23. At the same time, the profit increased from Rs 463 crore in FY23 to Rs 603 crore in FY24.
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