Industrial goods and services procurement platform OfBusiness has made a strategic investment of $2.5 million in TraceCost. The acquisition will drive digital adoption in construction-focused companies across India, North America and the Middle East, OfBusiness said in a press statement.
Tracecost is an online real-time construction cost tracking software which provides real-time collaboration software to manage resources and finances of construction projects. Its software lets builders review site operations remotely, predict the right inventory levels and optimize delivery schedules.
Seven-year-old OfBusiness helps businesses source raw materials and provides companies with a portal to bid for government tenders. Importantly, it also offers collateral-free loans of up to Rs 2 crore and claims to have over 5,000 clients and 2,000 suppliers on the platform.
It’s worth noting that OfBusiness’ lending arm Oxyzo recently entered the unicorn club after raising one of the largest Series A rounds worth $200 million led by Alpha Wave. In December last year, OfBusiness had raised $325 million at a valuation of $5 billion.
While OfBusiness is yet to disclose its annual financial statement for FY22, the company’s scale grew 2X in FY21 and its operating revenue stood at Rs 1,748 crore. Its profit also surged 73% and surpassed Rs 55 crore mark in the fiscal year ending March 2021.