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Zodius exits OfBusiness with $100 million+; Z47 may part-sell too

Economic Times

Economic Times · 9m ago

Zodius exits OfBusiness with $100 million+; Z47 may part-sell too

Early investor Zodius Capital has made a complete exit from B2B ecommerce firm OfBusiness through a secondary share sale worth around $100-120 million. Zodius Capital had initially invested $8 million in OfBusiness in 2016 and has now gained over $100 million in returns. Z47, another early investor, is also looking to sell its stake worth at least $50-60 million. OfBusiness, valued at $5 billion, plans to go public next year with an IPO size estimated between $750 million and $1 billion. Co-founder Nitin Jain is reportedly exploring a new venture in the artificial intelligence space.

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Z47 Looks To Offload Stake In Four Indian Unicorns

Inc42 · 10m ago

Z47 Looks To Offload Stake In Four Indian Unicorns

- Matrix Partners partially exited Ola Electric during its IPO with a 9.2X return on investment. - Z47 is planning to sell its stakes in companies like Ola, OfBusiness, Razorpay, and DailyHunt. - The combined value of the stakes is estimated to be between $150 Mn and $180 Mn. - Z47 has been in talks with other funds for a secondary transaction involving multiple companies.

VC firm Z47 eyes $150-180 million from portfolio companies stake sale

Economic Times

Economic Times · 10m ago

VC firm Z47 eyes $150-180 million from portfolio companies stake sale

- Venture capital fund Z47 is planning to sell some of its stakes in portfolio companies, including Ola, OfBusiness, Razorpay, and Dailyhunt, which could fetch around $150-180 million. - Z47 is exploring the option of a portfolio sale transaction as the demand for secondaries has been increasing among late-stage companies. - The move comes after Matrix Partners India rebranded itself as Z47 and split from its US partnership. - Z47 had recently closed its latest Fund IV at $550 million and may consider raising a new fund next year. - In recent years, there has been a significant increase in private secondary market transactions, driven by the need for venture funds to demonstrate better distributed to paid-in capital (DPI). - With liquidity pressures impacting the Indian VC industry, secondary portfolio sales are being explored as a means to distribute cash to limited partners (LPs) or sponsors in funds.

Rebranding was a natural evolution for us: Avnish Bajaj on Matrix’s split

Economic Times

Economic Times · 11m ago

Rebranding was a natural evolution for us: Avnish Bajaj on Matrix’s split

Matrix Partners India, a venture capital firm, announced its decision to go independent and rebrand itself as Z47. The Mumbai-based firm, co-founded by Avnish Bajaj and Rishi Navani in 2006, has been an early backer of successful startups like Ola, Ola Electric, OfBusiness, and Razorpay. Bajaj stated that the rebranding was a natural evolution for the firm, which has operated in a decentralized manner. The Indian venture capital market has experienced a downturn in recent years, with limited liquidity and disappointing exits. However, with recent IPOs and strong company performance, there is hope for improvement in the future.

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.

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.

IPO-bound OfBusiness raises Rs 100 Cr led by Cornerstone Ventures

Entrackr

Entrackr · 3m ago

IPO-bound OfBusiness raises Rs 100 Cr led by Cornerstone Ventures

OfBusiness, an industrial goods and services procurement platform set to launch its IPO in the second half of 2025, has raised Rs 100 crore (about $11.7 million) led by Cornerstone Ventures. Previously, OfBusiness raised over $650 million across various rounds, including a $325 million round led by Alpha Wave, Tiger Global, and SoftBank, at a valuation of $5 billion. The proceeds from the new investment will be used to drive digital adoption and financing access for SMEs. Co-founded in 2016, OfBusiness provides raw material procurement and financing solutions to SMEs in the manufacturing and infrastructure sectors. The company reported a 25.8% year-on-year increase in revenue to Rs 19,296 crore for FY24, with a 30.2% profit growth to Rs 603 crore. OfBusiness competes with firms like Zetwerk, Infra.Market, and Moglix.

Z47 stake in Ola Electric falls below 2% after recent partial exit

Entrackr

Entrackr · 11h ago

Z47 stake in Ola Electric falls below 2% after recent partial exit

Z47 stake in Ola Electric falls below 2% after recent partial exit Ola Electric’s early backers, Z47 (formerly Matrix Partners India) and Tiger Global Management, have trimmed their stakes in the Bengaluru-based company during the April–June 2025 quarter, as per stock exchange disclosures filed for the period. Z47 reduced its holding from 2.72% to 1.93%, a cut of approximately 0.81 percentage points. Based on an average share price of Rs 41, the VC firm is estimated to have earned around Rs 147–150 crore from the sale. Tiger Global also marginally reduced its stake from 3.45% to 3.24%, with an estimated Rs 39–45 crore. Its remaining stake, held via Internet Fund III, is currently valued at Rs 587 crore. The reduction in its stake in Ola Electric comes as Z47 actively explores secondary stake sales in other portfolio companies, including OfBusiness, Razorpay, and Dailyhunt’s parent VerSe. Despite the partial exits, both Z47 and Tiger Global remain on Ola Electric’s cap table with meaningful minority stakes. SoftBank, AlphaWave, Temasek, and Citigroup are some notable investors in the EV firm. Ola Electric’s revenue continues its downward spiral with yet another sharp drop in the latest quarter. Its revenue from operations decreased by 49.6% to Rs 824 crore in Q1 FY26, compared to Rs 1,644 crore in Q1 FY25. Its grew 23.3% year-on-year to Rs 428 crore during the same period. The company is currently trading at Rs 40.7 per share (as on 02 PM) with a total market capitalization of Rs 17,925 crore ($2.1 billion). Ola Electric also slipped to the third spot in July with 17,848 registrations, down 57% YoY, as its market share fell to 17.35%. Meanwhile, Ather Energy narrowed the gap with 16,231 units and a 15.78% share. The dip adds to Ola Electric’s mounting challenges as rivals like TVS and Bajaj consolidate their positions at the top.

Grapevine: Piramal Alternatives moves closer to setting up FoF; Z47 eyeing multiple exits

VCCircle

VCCircle · 10m ago

Grapevine: Piramal Alternatives moves closer to setting up FoF; Z47 eyeing multiple exits

- Piramal Alternatives, a unit of Piramal Group, is setting up a $200 million fund-of-funds strategy to support PE and VC firms. - The fund will be backed by Indian billionaire entrepreneur Ajay Piramal. - Z47, formerly known as Matrix Partners India, is planning multiple exits, according to Avnish Bajaj, the founder and managing director of the company. - Piramal Alternatives' fund will focus on backing both private equity and venture capital firms. - The initial corpus of the fund is expected to be around $200 million.

Kedaara Capital takes a write-off on its $100 mn plus bet

VCCircle

VCCircle · 11m ago

Kedaara Capital takes a write-off on its $100 mn plus bet

Kedaara Capital, a private equity firm known for its profitable exits, has faced its first major setback with a significant write-off on a more than $100 million investment. This comes after a streak of successful exits, which allowed Kedaara to raise a record-breaking PE fund focused on India. While the firm had previously managed to avoid unsuccessful exits, this recent development highlights the unpredictability of investments in the private equity space.

SoftBank India scores over $5.5 billion exits since 2018

Livemint

Livemint · 1y ago

SoftBank India scores over $5.5 billion exits since 2018

SoftBank Vision Fund has about $3 billion of its $11 billion investments in Indian startups set for exits, with $1.5 billion being booked in the last 12-18 months. The firm expects to see one or two exits every year as its portfolio matures. Most investments made by the fund in India have had up-rounds from marquee investors. Companies like FirstCry, Lenskart, OfBusiness, Swiggy, Icertis, and Ola Electric are potential candidates for public listings. SoftBank shifted to "offensive mode" in AI and tech-first investments after a period of losses in the tech markets.

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