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B2B unicorn OfBusiness hits the road to raise funds in pre-IPO round

VCCircle

VCCircle · 1y ago

B2B unicorn OfBusiness hits the road to raise funds in pre-IPO round

B2B unicorn OfBusiness is actively seeking funds in a pre-IPO round. The company is in discussions with various investors, including domestic and sovereign wealth funds, to raise fresh equity funding. The funding round is expected to support the company's growth and prepare for its eventual IPO.

Related News

OfBusiness to raise up to $200 mn, eyes $6 bn value

Livemint

Livemint · 1y ago

OfBusiness to raise up to $200 mn, eyes $6 bn value

Business-to-business (B2B) marketplace OfBusiness is seeking to raise $150-200 million in a funding round to achieve a valuation of $6 billion. The Delhi-based company has approached sovereign wealth funds, private equity funds, and crossover funds for investment and has appointed Avendus as its investment bank. OfBusiness, which provides purchasing services to manufacturing and infrastructure companies, was last valued at $5 billion in 2021. The new funding round will comprise primary and secondary funding, with some early backers looking to sell shares. OfBusiness is eyeing an IPO within the next 12-24 months.

Alpha Wave, Tiger Global-backed Oxyzo plans Series B funding round

VCCircle

VCCircle · 1m ago

Alpha Wave, Tiger Global-backed Oxyzo plans Series B funding round

Oxyzo Financial Services Ltd, backed by Alpha Wave and Tiger Global, is planning a Series B funding round after its assets under management exceeded $1 billion. This non-bank lender, an arm of the B2B marketplace OfBusiness, aims to raise fresh funds to support its expansion.

Cornerstone Ventures backs OfBusiness in first investment from new fund

VCCircle

VCCircle · 3m ago

Cornerstone Ventures backs OfBusiness in first investment from new fund

Cornerstone Ventures has made its first investment from a new fund in OfBusiness, a B2B raw materials procurement platform planning an IPO. OfBusiness raised Rs 100 crore ($11.7 million) in this round, funded by Cornerstone, which focuses on SaaS and enterprise tech companies. This marks the initial deployment from Cornerstone’s second fund targeting $200 million. The investment aligns with Cornerstone's strategy of supporting both early-growth and late-stage B2B enterprises.

Zaggle raises INR 98 crore in pre-IPO funding

Startup News FYI

Startup News FYI · 1y ago

Zaggle raises INR 98 crore in pre-IPO funding

B2B fintech solutions provider Zaggle has successfully secured INR 98 crore in two tranches as part of its pre-initial public offering (IPO) round, according to a tweet by the company. The funds raised will contribute to the company's growth strategies as it moves towards its upcoming IPO.

Payments platform Innoviti in talks for pre-IPO fundraise

VCCircle

VCCircle · 1y ago

Payments platform Innoviti in talks for pre-IPO fundraise

Fintech company Innoviti Technologies Pvt Ltd is reportedly seeking to raise a pre-IPO round of funding from new and existing investors. Innoviti operates as a payments platform, offering technology-enabled payment solutions and point-of-sale terminals. The company is aiming to raise funds to support its growth plans as it prepares for an initial public offering (IPO).

Tiger Global-backed Infra.Market in talks for fresh funding to reduce debt

VCCircle

VCCircle · 1y ago

Tiger Global-backed Infra.Market in talks for fresh funding to reduce debt

Infra.Market, the B2B construction material marketplace, is in talks to raise new funding in order to reduce its debt. The company, backed by Tiger Global and Accel, is planning to sell a stake in one of its subsidiaries, possibly in a pre-IPO round. Infra.Market operates under the umbrella of Hella Infra Market and is seeking investment from new institutional investors.

MobiKwik refiles IPO papers, cuts issue size from ₹1,900 crore to ₹700 crore

Inshorts · 1y ago

MobiKwik refiles IPO papers, cuts issue size from ₹1,900 crore to ₹700 crore

Fintech unicorn MobiKwik has refiled draft papers with the SEBI to raise ₹700 crore through the issue of new shares in an IPO. It is also aiming to raise ₹140 crore in pre-IPO placement, which will reduce the fresh issue size, if successful. MobiKwik initially filed papers to raise ₹1,900 crore in 2021, but deferred plans after market conditions worsened.

Grapevine: PhysicsWallah, Apax Partners, Supertails, 10Club, Deep Rooted in news

VCCircle

VCCircle · 4m ago

Grapevine: PhysicsWallah, Apax Partners, Supertails, 10Club, Deep Rooted in news

Edtech unicorn PhysicsWallah plans to raise Rs 4,600 crore through an initial public offering (IPO) via a confidential pre-filing route. The IPO will include a fresh issue of shares and an offer for sale by existing investors.

OfBusiness seeks ‘high’ of having its ticker on exchanges

Economic Times

Economic Times · 1y ago

OfBusiness seeks ‘high’ of having its ticker on exchanges

OfBusiness, a B2B e-commerce platform, is preparing for its upcoming initial public offering (IPO), planned for December 2024-January 2025. The IPO will not only allow early investors to exit, but also represents a significant milestone for the company. OfBusiness aims to ensure good corporate governance by going public, which is crucial in the current startup ecosystem plagued by poor business practices. The delay in the IPO is due to market conditions, the upcoming general elections, and caution regarding foreign institutional investors' participation.

Exclusive: Zetwerk secures debt from JM Financial

Entrackr

Entrackr · 2h ago

Exclusive: Zetwerk secures debt from JM Financial

B2B e-commerce unicorn Zetwerk has raised Rs 75 crore (around $8.8 million) in debt funding from JM Financial, one of the banks it has reportedly appointed for its planned initial public offering (IPO). As per regulatory filings accessed via the Registrar of Companies (RoC), the company’s board issued 7,500 non-convertible debentures having a face value of Rs 1,00,000 each to raise the above-mentioned amount. Founded by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary, Zetwerk connects buyers with suppliers for manufacturing projects. It partners with vendors specializing in fabrication, machining, casting, forging, and galvanizing of machine parts. It’s operational in India, the US, the Middle East, and Southeast Asia. According to startup data intelligence platform TheKredible, the Peak XV-backed company has raised over $850 million to date, including debt. This includes a $67 million Series F round led by Khosla Ventures at a $3 billion valuation, as exclusively reported by Entrackr. Zetwerk plans to raise at least $500 million through its IPO in the next 12 to 24 months, targeting a valuation of around $5 billion. While it has yet to disclose its FY25 numbers, the Bengaluru-based company reported a 26% increase in gross revenue, rising to Rs 14,435.72 crore in FY24 from Rs 11,448.66 crore in FY23. However, during the same period, losses surged 9X to Rs 919 crore, which included exceptional items worth Rs 371.7 crore. In the B2B e-commerce space, Zetwerk competes with Infra.Market, which recently raised $150 million in debt from Mars Growth Capital, and IPO-bound OfBusiness, which recently secured Rs 100 crore in funding. It also rivals Moglix, another unicorn in the segment.

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