SoftBank-backed business-to-business commerce platform OfBusiness is exploring plans to revive its initial public offering (IPO), according to people familiar with the matter, as India's primary market activity shows signs of recovery after a slowdown earlier this year.
SoftBank-backed business-to-business commerce platform OfBusiness is exploring plans to revive its initial public offering (IPO), according to people familiar with the matter, as India's primary market activity shows signs of recovery after a slowdown earlier this year.
The company has held preliminary discussions with advisers about restarting its listing process, Bloomberg News reported. The deliberations are at an early stage and no final decision has been taken on the size, timing or valuation of the proposed share sale. Bloomberg reported that the company could decide not to proceed depending on market conditions.
OfBusiness is backed by investors including SoftBank, Tiger Global Management, Norwest Venture Partners, Matrix Partners and Falcon Edge Capital. The company operates a digital platform that supplies raw materials and financing solutions to businesses across sectors such as manufacturing, infrastructure and agriculture.
The renewed IPO discussions follow an improvement in the company's financial performance. OfBusiness reported a 7% decline in revenue for FY2025-26 after exiting lower-margin business segments, while net profit increased 21% as it focused on higher-value manufacturing operations and improved cash generation.
The company had previously planned to raise between $750 million and $1 billion through an IPO and had appointed Axis Capital, JPMorgan, Morgan Stanley, Citigroup and Bank of America as investment bankers for the proposed offering. At the time, executives had indicated that the company was targeting a valuation of $6 billion to $9 billion, although the company did not officially confirm a valuation target.
Founded in 2015 by Asish Mohapatra and Ruchi Kalra, OfBusiness provides procurement, supply chain and embedded financing solutions for small and medium-sized enterprises. The company has raised more than $800 million from investors since inception and was last privately valued at around $5 billion in 2021.
Any decision to proceed with the IPO will depend on investor appetite and broader market conditions. The company's discussions remain confidential, and neither OfBusiness nor its investors have publicly confirmed a timeline for reviving the listing plans.
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