Oct0ber 28, 2017 (Powerhomebiz.net) OfBusiness is one of the leading fintech companies in India. OfBusiness with its unique business module aims to serve SMEs to get unsecured credit lines which can be used for raw material procurement.
OfBusiness is a technology-driven platform for the SME’s which was launched in August 2015, and based out of Gurgaon. The company was co-founded by Asish Mohapatra, Bhuvan Gupta, Ruchi Kalra, Nitin Jain, Chandranshu Sinha, Vasant Sridhar, Dhaval Radia, and Biswajit Mishra. They have collective work experience across companies like McKinsey, Snapdeal, Religare, ITC and Royal Bank of Scotland.
Financing through OfBusiness is hassle-free, no prepayment charges absolutely. Approvals are quick and upon assessment, a customer receives an unsecured credit up to Rs 2crores.
OfBusiness raised Series A funding of $5 million at the first stage in January 2016 from Matrix Partners and a host of angels. A year later, in January 2017, it raised US$ 11M , Series B from Zodius Technologies, with participation from previous investors, taking the total funds raised to $16 million.
How Ofbusiness works
SMEs can apply for a purchase financing limit online which is an unsecured line of credit up to ₹ 2 crore. This limit can be used to procure raw materials, directly through manufacturers and suppliers listed on the platform.
After the evaluation of financial data of the SMEs, once the limit is offered, SMEs can submit their material requirements using the buyer app or website.
The platform then aggregates demand across multiple SMEs and makes them available for the suppliers to bid on its bidding engine. Benefits of the volume discounted rates are passed to the SMEs directly.
Additionally, SMEs can bring their own supplier on the platform as well.
Once the order is confirmed, the Quality checked material is shipped to the SME with real-time tracking and delivery updates. The platform and SMEs benefit from recurring transactions and the end-use of purchasing credit.