OfBusiness in talks with SoftBank for fundraise

OFB Tech, which runs the OfBusiness business-to-business marketplace, is in advanced talks to raise $150 million from Japan’s SoftBank Group Corp., valuing the startup at $1.3 billion, two people aware of the transaction said on condition of anonymity.

Late last month, the Japanese company’s SoftBank Vision Fund 2 had led a $250 million funding round in banking technology startup Zeta, catapulting the Bhavin Turakhia-led firm’s valuation to $1.45 billion.

Other recent bets in India from the fund include social commerce platform Meesho, eyewear brand Lenskart and edtech firm Unacademy.

OfBusiness was founded in 2015 by Asish Mohapatra, Ruchi Kalra, Vasant Sridhar and Bhuvan Gupta. According to a valuation report dated 31 March, OFB Tech was valued at ₹4,553 crore.