18 July 2018, India:
SME Lending Platform OfBusiness has raised ₹200 crore ($29.2 million) in Series C round of funding. The funding round was led by Creation Investments and Falcon Edge. Existing investors Matrix Partners India and Zodius Capital also participated in the funding round.
The company will use the fresh capital for continued rapid growth, greater financial leverage and scaling a robust profitable model.
“We’re nice believers within the potential of SME lending in India in the direction of the core sectors of the economic system which have excessive dependence on merchants and distributors for working capital. With monetary companies companions as Creation Investments and the proper value of capital by way of our debt traces, we’ll proceed to bundle progressive lending and procurement options to handle the rising wants of SMEs in India. We are excited about the Company’s future and the opportunity ahead,” said Asish Mohapatra, Co-founder and CEO, OfBusiness.
“OfBusiness has constructed a formidable suite of financing options tailormade for the wants of SMEs within the manufacturing and infrastructure sectors, segments largely underserved by banks and conventional NBFCs. The dimensions that OfBusiness has achieved in such a short while is each a testomony to the corporate’s progressive merchandise and the untapped potential of the SME sector in India. We’re excited in regards to the firm’s future and the chance forward,” said Tyler Day, Director at Creation Investments.
“OfBusiness captures the SME’s want for repetitive buy finance with a singular enterprise mannequin. Their proprietary knowledge benefit is mirrored within the rising efficacy of underwriting and help from marquee banking companions. We’re privileged to associate at an early stage with Asish, Ruchi and Bhuvan to create an SME monetary companies platform and welcome the brand new traders to the partnership,” said Vikram Vaidyanathan, Managing Director, Matrix India.
OfBusiness was founded by Asish Mohapatra, Bhuvan Gupta and Ruchi Kalr in 2015. It is a technology-driven SME financing platform provides flexible, hassle free and instant approval SME business loans, unsecured credit loans.
(Image – OfBusiness)