OfBusiness in talks with SoftBank to raise funds at $1.2 billion valuation

Bengaluru: OfBusiness, a business-to-business (B2B) e-commerce platform, is in talks with Japan’s SoftBank Group Corp. to raise $100-150 million at a valuation of $1.2 billion, two people in the know of developments told ET.

“SoftBank could invest anywhere between $100-150 million in an all-primary funding round,” said one of two people cited above.

If the deal goes through, it will add to a slew of fresh investments that SoftBank Vision Fund II has made in India this year. Among its investee companies are social commerce startup Meesho and banking technology platform Zeta, both of which went on to become unicorns —private companies with a valuation of at least $1 billion. It is also close to finalising a $450 million investment in food delivery platform Swiggy, according to an ET report.