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B2B marketplace OfBusiness raises $5 million

OfBusiness

Gurgaon-based OfBusiness, an online marketplace for business-to-business commerce, has raised $5 million (~Rs 34 crore) in a Series-A funding round led by Matrix Partners India, reports Business Standard. Entrepreneurs and angels investors including Apoorva Patni, Bhavish Aggarwal, and Prashant Malik also participated in the round.

The company is planning to utilize the fresh funds to expand the team and build a technology platform for SMEs to help them discover and transact with new customers and suppliers. Currently it offers free registration and listing for sellers along with logistics support for delivery of orders. For buyers, OfBusiness provides credit provisions through tie-ups with several financial institutions.

OfBusiness was founded in 2015 by Asish Mohapatra, Bhuvan Gupta, Ruchi Kalra, Srinath Ramakkrushnan, Nitin Jain  and Chandranshu.

Other developments in the B2B buying space

– In January, Industrybuying, an online marketplace for industrial supplies and goods, raised Rs 12 crore in a round of funding from Trifecta Capital. It also raised an undisclosed amount of funding from TVS Group and Murugappa Group in December last year.

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-E-commerce startup Moglix specializing in B2B procurement of industrial products, recently secured an undisclosed amount of angel investment from Ratan Tata, in February. The company specializes in B2B procurement of industrial products including MRO, Fasteners and Industrial Electricals.

– Power2SME, is another online buying club for small and medium enterprises that raised a fresh round of funding led by Infosys co-founder Nandan Nilekani in January, and from existing investors Accel Partners, Kalaari Capital and Inventus Capital.

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