OfBusiness becomes public company ahead of $1 billion IPO in 2025

The company competes with other procurement platforms such as Zetwerk, Infra.Market, and Moglix, all of which have seen substantial revenues in recent years

OfBusiness, a prominent industrial goods and services procurement platform, is making significant strides toward its initial public offering (IPO) in 2025. The company has taken its first formal step towards going public by converting from a private entity to a public one, with the board approving a name change from "OFB Tech Private Limited" to "OFB Tech Limited," as revealed in its regulatory filing.

The IPO is expected to raise up to $1 billion, combining primary offerings with an offer for sale (OFS). To support this ambitious move, OfBusiness is currently in talks with several top investment banks, including Bank of America, Citi, JP Morgan, and Morgan Stanley, to serve as merchant bankers.

Founded by industry veterans Asish Mohapatra, Ruchi Kalra, Bhuvan Gupta, Vasant Sridhar, and Nitin Jain, OfBusiness operates across diverse sectors, providing raw materials such as steel, chemicals, and agricultural products. With over $650 million raised across various funding rounds, OfBusiness has secured backing from investors such as Alpha Wave, Tiger Global, and SoftBank, which collectively position the company as a major player in the industrial supply chain market.

For the fiscal year ending March 2024, OfBusiness demonstrated impressive growth, recording a 25.8% increase in revenue, totalling Rs 19,296 crore, up from Rs 15,343 crore in FY23. Additionally, profits grew by 30.2% year-on-year, reaching Rs 603 crore, further solidifying the company's financial strength.

The company competes with other procurement platforms such as Zetwerk, Infra.Market, and Moglix, all of which have seen substantial revenues in recent years. Infra.Market reported a revenue of Rs 14,530 crore, and Moglix generated Rs 4,964 crore in FY24. Zetwerk, while not yet reporting its annual statements, recorded a GMV of Rs 11,449 crore in FY23.

With a solid financial base, strategic growth, and substantial investor backing, OfBusiness is poised for a successful IPO that will further strengthen its position in the industrial procurement space.