Online marketplace for B2B commerce, OfBusiness secures $5Mn from Matrix Partners & Others

Gurgaon-based online marketplace for business-to-business (B2B) commerce, OfBusiness has raised around Rs 34 crore in a Series-A funding round led by Matrix Partners India. Ola’s co-founder & CEO Bhavish Aggarwal and Apoorva Patni of the Patni family, along with Pranay Chulet, Prashant Malik, Rohit MA and Sumesh Menon have also come on board the Gurgaon-based startup.

The funds will be used to expand the team and build a technology platform for SMEs (small and medium enterprises) who are increasingly moving online to discover and transact with new customers and suppliers.

Founded by Asish Mohapatra, Bhuvan Gupta, Ruchi Kalra, partner at McKinsey, Srinath Ramakkrushnan, Nitin Jain and Chandranshu, OfBusiness caters largely to small and medium-sized enterprises and is initially focusing on product commerce & planning to enter the healthcare sector soon.  Operational in 10 states across the country, it is currently active across the construction and manufacturing verticals.

“We see the key foundations of our economy being disrupted by technology in the coming decade. OfBusiness is at the heart of this huge opportunity, focusing on B2B commerce between SMEs. Given the absence of technology in this domain, we see a large scope for innovation to enable convenience and rapid scale for the SMEs and us,” said Asish Mohapatra, co-founder and chief executive officer of OfBusiness.

SMEs in India are already using the internet (through Whatsapp) for information sharing and communication. We believe in the OfBusiness vision that these SMEs are ready to transact, beginning in an assisted manner for all their monthly purchases,” said Vikram Vaidyanathan, MD, Matrix India.

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