OfBusiness Invests $2.5 Mn In Construction Management Startup Tracecost To Drive Digital Adoption

OfBusiness Invests $2.5 Mn In Construction Management Startup Tracecost To Drive Digital Adoption

SUMMARY

OfBusiness said that the acquisition would drive digital adoption in construction-focused companies across India, North America and the Middle East

Tracecost offers real-time construction management software to manage resources and finances of construction projects

OfBusiness had last raised $325 Mn in its Series G round at a valuation of nearly $5 Bn

Building material-focused B2B ecommerce platform OfBusiness has reportedly made a strategic investment of $2.5 Mn in construction management startup Tracecost. 

The contours of the deal were not immediately clear.

OfBusiness was quoted as saying by Entrackr that the move would drive digital adoption in construction-focused companies across India, North America and the Middle East.

OfBusiness, founded in 2016 by Bhuvan Gupta, Vasant Sridhar, Ruchi Kalra, Nitin Jain, and Asish Mohapatra, facilitates raw material procurement and credit for small and medium-scale enterprises (SMEs) in the manufacturing and infrastructure sectors. 

Tracecost was founded in 2018 by Madhvi Walia, Prabh Paul and Sunny Vohra. The startup offers real-time construction management software to manage resources and finances of construction projects. 

Gurugram-based OfBusiness had last raised $325 Mn in a Series G round led by Alpha Wave Ventures II, Tiger Global Management and Softbank Vision Fund 2 at a valuation of nearly $5 Bn. 

More recently in March, the company’s financial arm Oxyzo became the 98th unicorn of the country after raising $200 Mn in a funding round from Alpha Wave, Tiger Global, Norwest Venture Partners, Matrix Partners and Creation Investments.

Oxyzo serves more than 2,500 SMEs across India, disbursing loans worth INR 4,000 Cr annually. The startup reportedly has more than 5,000 clients and 2,000 suppliers on its B2B platform. 

Sridhar recently told Inc42 that OfBusiness’ various businesses had grown 3X over the last year.

OfBusiness’ procurement platform competes with the likes of Infra.Market in the highly-competitive space. 

As per a report by Research and Markets, the global B2B ecommerce market size is expected to reach $20.9 Tn by 2027, growing at a CAGR of 17.5% during 2020 -2027. The Asia Pacific region held the largest revenue share of above 65% in 2019 in terms of B2B ecommerce, which is expected to expand at a CAGR of 18% till 2027. 

Last week, Aditya Birla Group-owned Grasim Industries also announced its foray into the building material-focused B2B ecommerce space.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

OfBusiness Invests $2.5 Mn In Construction Management Startup Tracecost To Drive Digital Adoption-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

OfBusiness Invests $2.5 Mn In Construction Management Startup Tracecost To Drive Digital Adoption-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

OfBusiness Invests $2.5 Mn In Construction Management Startup Tracecost To Drive Digital Adoption-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

OfBusiness Invests $2.5 Mn In Construction Management Startup Tracecost To Drive Digital Adoption-Inc42 Media
OfBusiness Invests $2.5 Mn In Construction Management Startup Tracecost To Drive Digital Adoption-Inc42 Media
You’re in Good company