SoftBank-backed OfBusiness buys food ingredients firm

OfBusiness, a B2B raw materials procurement platform backed by Japan's SoftBank and New York-based Tiger Global, has agreed to acquire a Kerala-based manufacturer of herbs and spice-based products, a person close to the development told VCCircle.

- Prithvi Durai

OfBusiness, operated by OFB Tech Ltd and is preparing to float an initial public offering, has struck a deal to buy Elixir Extracts Pvt Ltd for about $10 million (about ₹86 crore), the person said, asking not to be named. The deal will give OfBusiness access to Elixir's solvent extraction and R&D units, the person said.

This is at least the fourth acquisition by OfBusiness in four years. Last year, it struck a deal to acquire Alpine Shoes. It also bought Bangalore-based gherkin maker Koeleman India in 2023 and acquired SMW Ispat the year before.