OfBusiness Plans $600-800 Million IPO Next Year, DRHP Likely by November

India’s B2B commerce space could soon see another major public listing. OfBusiness, one of the country’s leading B2B commerce and finance platforms, is preparing for an initial public offering (IPO) that could raise between $600 million and $800 million.

According to merchant bankers familiar with the development, the Gurugram-based company is planning to file its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) by November. The IPO could hit the market sometime between March and April next year.

The company, which reported revenue of around Rs 20,000 crore in FY26, is expected to seek a valuation of around $4.4 billion to $5 billion through the public issue.

OfBusiness IPO: 30% Fresh Issue, 70% Offer for Sale

OfBusiness is planning to raise around 30% of the IPO amount through the issue of new shares, while the remaining 70% is expected to come through an offer for sale (OFS) by existing shareholders.

The company has appointed some of the biggest names in investment banking for the proposed IPO. Morgan Stanley, JP Morgan, Citibank and Axis Capital are working as merchant bankers for the issue.

OfBusiness has not officially commented on the proposed IPO so far.

From a Startup to a Rs 20,000 Crore B2B Business

OfBusiness was founded nearly a decade ago by Indian School of Business alumni Asish Mohapatra and Ruchi Kalra, along with two other partners.

The company was built around a simple idea, making it easier for small and medium-sized businesses to buy the products and materials they need while connecting them with reliable suppliers.

Today, OfBusiness operates across four major B2B commerce segments: metals, apparel, chemicals and food processing.

Its platform connects SME suppliers with buyers ranging from mid-sized businesses with revenues of around Rs 50 crore to Rs 500 crore to large Indian and global companies.

OfBusiness Is Also Building Its Own Manufacturing Network

OfBusiness is not only connecting buyers and suppliers. It has also been investing heavily in its own manufacturing and packaging capabilities.

The company has invested more than Rs 3,000 crore in acquiring, building and expanding over 17 fully owned manufacturing and packaging subsidiaries. These businesses are now being merged into OfBusiness, a process that is expected to be completed soon.

The company also sells products under its own private labels, particularly in the apparel and metals segments.

This approach gives OfBusiness greater control over production, quality and supply, while also helping it reduce its dependence on a fragmented supply chain.

40% of Products Come From Its Own Factories

On average, around 40% of the products across OfBusiness’ different verticals are manufactured, processed or packaged in its own facilities.

In some categories, this number is significantly higher.

The company handles nearly 80% of its apparel products and around 70% of food processing products through its own manufacturing network.

This integrated model can also help businesses reduce unnecessary movement of goods and improve supply-chain efficiency by bringing more stages of production under one network.

Working With Global Brands

OfBusiness has built a strong customer base that includes several well-known global brands.

For example, the company works on orders for garments, handbags, footwear and belts for brands such as Uniqlo, H&M, IKEA, Zara, Adidas and Michael Kors.

The company assembles final products in its own factories while sourcing materials such as fabric, yarn, buttons, trims and threads through the wider MSME ecosystem.

This model allows OfBusiness to combine its own manufacturing capabilities with India’s large network of small and medium-sized suppliers.

Financing Business to Stay Separate

While commerce remains a major part of the business, OfBusiness also has a financing arm that provides credit to SMEs.

OfBusiness currently holds a 70% stake in this financing business. However, this entity will remain separate from the company’s main B2B commerce business after the proposed IPO.

The financing arm is important because access to working capital continues to be a major challenge for many small and medium-sized businesses in India.

Backed by Top Global Investors

Over the years, OfBusiness has raised around Rs 5,000 crore from several well-known investors.

Its investor base includes names such as SoftBank Vision Fund, Tiger Global, Alpha Wave Global and Matrix Partners, among others.

The company has also been profitable since FY23, putting it among the relatively small group of Indian startups that have managed to build profitability while operating at a large scale.

OfBusiness Targets Rs 23,520 Crore Revenue in FY27

OfBusiness reported Rs 20,000 crore in revenue in FY26 and expects the number to rise to Rs 23,520 crore in FY27.

The company has projected a 13% compound annual growth rate (CAGR) over the last five years.

Its profitability is also expected to improve.

OfBusiness reported a profit before tax of Rs 406 crore in FY26 and is targeting Rs 606 crore in FY27.

Its operating cash flow stood at around Rs 1,220 crore in FY26, which is expected to increase to Rs 1,302 crore in FY27.

The company is also projecting free cash flow of Rs 278 crore in FY27 after investments.

What Makes the OfBusiness IPO Important?

The proposed IPO comes at a time when India’s B2B commerce ecosystem is becoming more organised and technology-driven.

OfBusiness has built its business by bringing together commerce, manufacturing, supply-chain operations and SME financing under one larger ecosystem.

Its focus on manufacturing also gives the company more control over sourcing and production, while its network of MSME suppliers keeps smaller businesses connected to large buyers.

If the IPO moves ahead as planned, OfBusiness could become one of the most closely watched B2B technology and commerce listings in India.

With a possible $600-800 million IPO, a strong investor base, Rs 20,000 crore in FY26 revenue and growing profitability, the public-market debut could mark a major new chapter for the company that started nearly ten years ago with a focus on solving everyday problems for Indian businesses.