Nitin Jain Steps Down from OfBusiness to Start New Venture

Nitin Jain, the co-founder and Chief Business Officer of the business-to-business (B2B) e-commerce platform OfBusiness, is transitioning from his position to initiate a new venture. Jain shared his decision to leave the Gurugram-based company via a LinkedIn post.

Background of Nitin Jain’s Departure

As reported by ET, Jain had intentions to depart from the company last year. He initially stepped down as CBO but later returned to assume the role while engaging with investors to secure funding for his upcoming project.

Overview of OfBusiness

Established in 2016 by Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta, and Nitin Jain, OfBusiness specializes in offering raw material procurement and financing solutions for SMEs operating within the manufacturing and infrastructure sectors via its innovative platform.

Funding and Growth Milestones

To date, OfBusiness has successfully raised over $650 million through various funding rounds. This includes a significant $325 million round led by prominent investors such as Alpha Wave, Tiger Global, and SoftBank, pushing the company’s valuation to $5 billion. According to sources on the startup data intelligence platform, Alpha Wave holds the largest external stake at 19.16%, followed closely by Creation Investment and Matrix. Additional noteworthy stakeholders include SoftBank, Norwest, and Tiger Global.

Future Plans for OfBusiness

OfBusiness is reportedly pursuing an initial public offering (IPO) estimated at up to $1 billion, consisting of both fresh issue shares and an offer for sale (OFS). The company has made significant strides toward this goal by evolving into a public entity.