tiger global: OfBusiness valuation doubles to $3 billion after Tiger Global-led funding
$1.5 billion in July when SoftBank Vision Fund II led a $160 million round in the company.
OfBusiness cofounder and chief executive Asish Mohapatra told ET that both SoftBank and Falcon Edge-managed Alpha Wave have participated in the fundraising. Tiger Global has put $150 million in the New Delhi-based startup. The company is likely to add another $15-$20 million in the existing round.
“Since SoftBank invested in us, we have grown 2.5 times by revenue. Over the last three months, we continue to grow 30% on a month-on-month basis,” Mohapatra told ET.
This is the third major funding raised by OfBusiness this year, reflecting the broader trend of record capital being pumped into the startup economy. In April, after a $110 million funding, the
company was valued at $800 million.
Mohapatra said the startup’s plans remain the same to grow and expand operations. It is in the middle of closing several acquisitions as well.
“We have been profitable but (acquisitions) will increase our profit margins into double digits. We have reached a scale where we need meaningful control (over the supply chain),” he had
told ET after closing the SoftBank-led funding round.
ALSO READ TECH NEWSLETTER OF THE DAY
The company typically earns margins of 5-10% but acquisitions could help OfBusiness take margins up to the early teens and then near the 20% mark.
Started five years ago, OfBusiness was at a revenue run-rate of $1.1 billion, based on its July revenue.