India's OfBusiness gets $29m Series C
OfBusiness, an India-based financial technology company focused on smart financing services has received an INR2 billion ($29 million) Series C funding round led by Creation Investments and Falcon Edge.
Existing investors Matrix Partners and Zodius Capital also participated. It follows an INR750 million Series B in late 2016 from Matrix and Zodius as well as a Series A earlier the same year worth about $5 million. The company has also raised debt lines from Kotak Mahindra Bank, Tata Capital, RBL Bank and Northern Arc, among others.
Founded in 2015, OfBusiness manages an online marketplace that allows small and medium-sized enterprises (SME) in light to heavy industrial segments source unsecured credit lines. The service is said to enable SMEs to procure raw materials in a more cost-effective way. The company claims to have grown its assets under management by tenfold during the past year.
"OfBusiness has built an impressive suite of financing solutions tailormade for the needs of SMEs in the manufacturing and infrastructure sectors, segments largely underserved by banks and traditional NBFCs [non-bank financial institutions]," Tyler Day, a director at Creation, said in a statement. "The scale and profitability that OfBusiness has achieved in such a short time is both a testament to the company's innovative products and the untapped potential of the SME sector in India."
Avendus Capital was the exclusive advisor to the latest transaction.
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