India's Ofbusiness gets $11m round led by Zodius

Existing investor Matrix Partners India, which led OfBusiness' $5 million Series A round in February, also participated. The start-up will use the new capital for geographical expansion, growing to 10 states from the five where it currently operates.

Founded in 2015, OfBusiness provides an online marketplace focused on the manufacturing and construction sectors. The company aims to keep costs down and remain profitable by targeting specific work sites, or clusters, within its operating regions, rather than trying to cover the wider geographies. OfBusiness will continue this approach, but also wants to grow its footprint by adding more sectors such as consumables and financial services.

Zodius' investment came from the Zodius Technology Opportunities Fund, which launched last year with a target of $40 million and reached a first close of $30 million in March. The fund targets growing technology companies in the niche e-commerce, education, fintech, media and business services industries. It is a side vehicle to the GP's second India fund, Zodius Capital II, which launched in 2014 with a target of $500 million and reached a first close of $110 million last year.

"Zodius is a highly respected name in the growth capital world, known for supporting businesses that disrupt deep offline sectors through sheer execution and technology," said OfBusiness co-founder Ashish Mohapatra in a statement. "It's a privilege to have them as partners in our quest to be the most trusted and deepest SME network in India."

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• Topics
• South Asia
• Technology
• Support services
• Early-stage
• India
• TMT
• Zodius Capital
• Matrix Partners
• Venture