OfBusiness raises $5M in Series A from Matrix
Gurgaon, February 25, 2016: OfBusiness, an online marketplace for business to business commerce, announced today it's Series A funding of $5M led by Matrix Partners India. The funds will be used to expand the team and build a technology platform for SMEs who are increasingly moving online to discover and transact with new customers and suppliers.
The six cofounders bring with them rich sector and functional expertise. Asish Mohapatra, co-founder & CEO OfBusiness, started his career in a manufacturing plant at ITC, before becoming a management consultant at McKinsey and then an investor. His co-founder and CTO Bhuvan Gupta was previously a VP of Engineering at Snapdeal and CTO at BSB Portal and their third co-founder Ruchi Kalra was a Partner in the Financial Services practice at McKinsey & Co. Other core founding team members include high performing executives from manufacturing (Srinath Ramakkrushnan, ITC), financial services (Nitin Jain, RBS) and technology (Chandranshu, Trilogy). The team has an acute understanding of the challenges that SMEs face when growing their businesses and are passionate about solving them.
Commenting on the fundraise, Asish Mohapatra, co-founder & CEO at OfBusiness said, "We see the key foundations of our economy being disrupted by technology in the coming decade. OfBusiness is at the heart of this huge opportunity, focusing on B2B commerce between SMEs. Given the absence of technology in this domain, we see a large scope for innovation to enable convenience and rapid scale for the SMEs and us. Our strong initial traction validates this. Having known Matrix and Vikram closely for a long time, I'm delighted to have them as partners on my entrepreneurial journey."
"SME's in India are already using the internet (through whatsapp) for information sharing and communication. We believe in the OfBusiness vision that these SMEs are ready to transact, beginning in an assisted manner for all their monthly purchases. Asish and I have been peers for most of our lives and excited about turning that into a partnership. We're privileged to partner with Bhuvan, Ruchi and an outstanding executive team to bring their vision to life.", said Vikram Vaidyanathan, Managing Director, Matrix India.
Select entrepreneurs and angels also invested in this Series A. They include Apoorva Patni, Bhavish Aggarwal, Pranay Chulet, Prashant Malik, Rohit MA, Sumesh Menon, along with other leading entrepreneurs and angels. Both OfBusiness and Matrix India are privileged to have this association.
OfBusiness is a fast growing technology driven business to business marketplace focusing initially on product commerce. It aims to make available better products, at better prices, in better timelines to customers with a comprehensive online and offline support including an online marketplace, logistics and credit platform. Within a short period of time, OfBusiness is operational in 10 states across the country and is active across two verticals - construction and manufacturing, with plans of entering healthcare soon. It has raised a $5 Million Series A funding led by Matrix Partners India and several leading angel investors. OfBusiness is headquartered in Gurgaon and has offices across the country. Further information is available at www.OfBusiness.in
About Matrix Partners India:
Matrix Partners India is an investment firm with INR 4,000 crore under management. The firm invests in mobile internet companies at the seed, early and early growth stages. The firm has invested in several market leading companies including Dailyhunt (mobile local language platform), Housejoy (local services marketplace), LimeRoad (mobile social commerce marketplace), MSwipe (mobile POS), Ola (local transportation marketplace), Practo (healthcare app), Quikr (online classifieds) and Stayzilla (short term accommodation marketplace) among others. Matrix Partners has a global network of funds investing in the US, China and India with US $4.5 billion under management. Further information is available at www.matrixpartners.in
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