OfBusiness in talks with PE firms to raise about $300 mn

Business-to-business platform e-commerce OfBusiness is in preliminary stages of discussion with at least five homegrown and global private equity investors to raise at least $300 million (about ₹2,460 crore), two people aware of the development said.

- Debjyoti Roy

The planned funding round will also likely provide an exit to a few of the company's early institutional backers, the people said, asking not to be named.

One of the persons cited above said the round is likely to include primary capital infusion into OfBusiness, operated by Gurgaon-based OFB Tech Pvt Ltd, and secondary transactions.

Investment bank Avendus Capital is advising OfBusiness in the fundraising process, the person added.

The second person said the company is in early talks with 360 ONE Asset Management (erstwhile IIFL AMC), KKR & Co, Warburg Pincus, Edelweiss and WestBridge Capital for the fresh round of funding.