Gurugram-based SME lending startup OfBusiness has raised $29.2 Mn (INR 200 Cr) in a Series C funding round from Creation Investments and Falcon Edge.
The funding round also saw participation from the company’s existing investors Matrix Partners India and Zodius Capital.
Asish Mohapatra, the chief executive officer of OfBusiness, said he would leverage the ₹200 crore funding four times to source funds from banks and other NBFCs for onward lending.
Earlier, in October 2017, OfBusiness secured $3.8 Mn (INR 25 Cr) in debt funding from Kotak Mahindra Bank. The funding came as an extension to the $7.6 Mn (INR 50 Cr) working capital limit that the startup procured from the bank at that point in time.
Prior to this, in December 2017, the startup secured another $11 Mn (INR 75 Cr) in a round led by Zodius Capital and Matrix Partners. The company counts Patni Group’s Apoorva Patni, Ola co-founder Bhavish Aggarwal, Quikr co-founder Pranay Chulet and Limeroad co-founder and CTO Prashant Malik as its investors.