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. According to a valuation report dated 31 March, OFB Tech was valued at ₹4,553 crore. Email queries to SoftBank and OFB Tech went unanswered at press time. The seven-year-old company last raised capital in April when a consortium of investors, led by returning investor Falcon Edge Capital, pumped in $110 million. OFB Tech also operates BidAssist, an SME (small and medium enterprises) business opportunity platform to bid for private and government tenders.

Source: Mint June 02, 2021 17:46 UTC