OfBusiness, a technology enabled SME financing platform, has raised INR 250 crore in Series D financing led by Norwest Venture Partners (NVP).
Online PR News – 01-October-2019 – Gugaon, Haryana – OfBusiness, a technology enabled SME financing platform, has raised INR 250 crore in Series D financing led by Norwest Venture Partners (NVP), with participation from existing investors Matrix Partners India and Falcon Edge. With this new round of funding, the company has raised a total of INR 1,500 crores of equity and debt funding till date. While most of the sector struggles with raising capital, the company has also raised debt from several marquee lenders across banks (Kotak, HDFC, ICICI, Axis, RBL, IDFC First, AU and Utkarsh among others) and other financial institutions (HLF, Unifi, MAS, Vivriti and Northern Arc Investments among others). The company already counts Matrix Partners India, Zodius Technologies, Falcon Edge, Creation Investments and several leading angels as its investors.
OfBusiness has pioneered a new category of purchase finance, aligned to the cash flow cycles for core sectors of the economy such as manufacturing and infrastructure, enabling access to institutional credit as an alternative to high cost distributor financing. OfBusiness also differentiates itself by adding value to an SME's business beyond financing, through its raw material fulfilment and new opportunities platform (BidAssist). The fulfilment platform provides cost-effective procurement of raw material to SMEs and ensures guaranteed end use of funds for OfBusiness. This integrated offering enables higher business yield, repeat transactions and better asset quality.
OfBusiness is the brand name for Oxyzo Financial Services, a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India and its parent OFB Tech Private Limited that provides various B2B services to SMEs.