Tiger Global, a prominent investment firm, has solidified its presence in India’s burgeoning B2B ecommerce sector by becoming an investor in three out of the five B2B ecommerce unicorns in the country. The latest addition to its portfolio is OfBusiness, which recently doubled its valuation to $3 billion in a fresh funding round led by Tiger Global.

OfBusiness’s Funding Journey

OfBusiness, a platform facilitating bulk orders for businesses from online sellers, witnessed a significant valuation surge from $1.5 billion to $3 billion in its latest funding round, securing $207 million. Tiger Global’s infusion of $150 million underscores its confidence in the New Delhi-based startup’s potential. Notably, this marks OfBusiness’s third major funding round this year, indicative of its rapid growth trajectory.

Tiger Global’s Expansion in B2B Ecommerce

Tiger Global’s strategic investments extend beyond OfBusiness, with the firm also backing other B2B marketplaces such as Infra.Market and Moglix. This trifecta of investments underscores Tiger Global’s keen interest in the B2B ecommerce landscape, where each platform caters to distinct niches despite competing in the same sub-segment.

OfBusiness: A Tech-Enabled Procurement Platform

Founded in 2015, OfBusiness serves as a tech-enabled platform empowering small and medium enterprises (SMEs) with procurement of raw materials and access to credit. Its subsidiary, NBFC Oxyzo Financial Services, facilitates financing solutions for SMEs, boasting a loan book of $240 million with 5,000 borrowers.

Expansion and Acquisition Plans

OfBusiness is poised for further expansion and diversification, with plans to augment its revenue through operational expansion and strategic acquisitions. As per founder Asish Mohapatra, the company is actively pursuing several acquisition opportunities to bolster its market position and offerings.

Competitive Landscape

OfBusiness faces competition from other B2B ecommerce platforms like Moglix, Infra.Market, and Zetwerk, as well as in the SME lending space from platforms like BharatPe and LendingKart. Despite the competitive landscape, OfBusiness remains a frontrunner in its domain, with aspirations for continued growth and market dominance.

Conclusion: A Promising Future for OfBusiness and B2B Ecommerce

With Tiger Global’s backing and a robust growth trajectory, OfBusiness is poised to consolidate its position in India’s B2B ecommerce landscape. As part of a select group of startups entering the unicorn club this year, OfBusiness exemplifies the innovation and potential driving India’s startup ecosystem forward.