OfBusiness on road to raise pre-IPO funding

Co may raise up to $200 mn; it raised $325 mn in its last round in Dec 2021

- Debjyoti Roy

B2B e-commerce unicorn OfBusiness is in early talks with investors, including domestic and sovereign wealth funds, to secure a new round of equity funding, two people aware of the development told VCCircle.

The startup is gearing up for its pre-IPO funding round to secure $175-200 million (₹1,457-1,666 crore), one of the two people said. While it is primarily engaging in discussions with domestic institutional players focused on pre-IPO funding, such as Edelweiss and Kotak, sovereign wealth funds like Abu Dhabi Investment Authority (ADIA), Singapore's GIC, and homegrown Kedaara Capital are also in the fray, the person added, seeking anonymity.

Spokespersons of Kedaara and ADIA declined to comment on VCCircle's queries. Email queries to potential investors and Of Business did not elicit any response till press time.