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OfBusiness

From EverybodyWiki Bios & Wiki

Ofbusiness is a Gurgaon based fintech company incorporated on 24 August 2015. It caters credit to Small and Medium Enterprises from all over India. It is a as Non-govt company and is registered at Registrar of Companies, Delhi. Its authorized share capital is Rs. 1,125,800 and its paid up capital is Rs. 730,800[1].It is involved in legal, accounting, book-keeping and auditing activities; tax consultancy; market research and public opinion polling; business and management consultancy.

Directors of OfB Tech Private Limited are Gautam Patel, Ruchi Kalra, Asish Mohapatra, Bhuvan Kumar Gupta and Vikram Vaidyanathan.

Background[edit]

Ofbusiness was launched in January. It was cofounded by eight people- Vasant Sridhar, Dhaval Radia, Bhuvan Gupta, Ruchi Kalra, Asish Mohapatra, Chandranshu C, Nitin Jain and Biswajit Mishra, who hail from institutes like IIT and ISB, and some of who are top chartered accountants.

OfBusiness raised Series A funding of $5 million at the inception stage in January 2016 from Matrix Partners and a host of angels. A year later, in January 2017, it raised US$ 11M Series B from Zodius Technologies, with participation from previous investors, taking the total funds raised to $16 million.

How OfBusiness works[2][edit]

OfBusiness brings in institutional credit (secured and unsecured) to SMEs. They do this by aggregating several raw materials, getting them financed by local distributors and financiers, and then passing most of the aggregation benefits, such as volume discounts from manufacturers, to the SME.

The above process is termed as “Purchase Financing” and OfBusiness lets SMEs attain credit lines for an array of raw materials such as industrial steel (structures, plates, and coils), electrical goods, cement, bulk polymers, chemicals, building materials and solar installations. OfBusiness then aggregates the select raw materials that SMEs across clusters order directly to the manufacturer.

Funding[edit]

  1. Series A Funding[3]: Matrix Partners (January 2016)
  2. Series B Funding[4]: Zodius Partners (January 2017)
  3. Debt Funding: Kotak[5], IMFR and Tata Capital (October 2017)
  4. Debt Lending: Avanse and RBL (March 2018)

Products[edit]

  1. Purchase Financing
  2. Bidassist[6]

Apps on App Store[edit]

  1. Bidassist
  2. OfBusiness
  3. OfBusiness Sales

References[edit]

  1. "OFB TECH PRIVATE LIMITED - Company, directors and contact details | Zauba Corp". www.zaubacorp.com. Retrieved 2018-05-21.
  2. "OfBusiness: SME finance and fulfilment made easy". The Financial Express. 2018-01-10. Retrieved 2018-05-21.
  3. "Zodius Capital, Matrix Partners invest in B2B marketplace OfBusiness". VCCircle. 2016-12-13. Retrieved 2018-05-21.
  4. Chanchani, Madhav (2016-12-13). "Online B2B commerce company OfBusiness raises Rs 75 crore". The Economic Times. Retrieved 2018-05-21.
  5. "SME Lending Firm OfBusiness Raises Debt Funding From Kotak Mahindra". Inc42 Media. 2017-10-27. Retrieved 2018-05-21.
  6. ANI (2017-09-20). "OfBusiness launches BidAssist.com, a SME business opportunity platform". Business Standard India. Retrieved 2018-05-21.


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