OfBusiness co-founder Nitin Jain steps down to start new venture

Nitin Jain, co-founder and chief business officer of business-to-business (B2B) e-commerce platform OfBusiness and its lending arm Qxyzo, has quit his role and plans to launch a new venture.

Jain announced his departure from the Gurugram-based company through a LinkedIn post.

According to an ET report, Jain had planned to exit the company last year and had stepped down as CBO, before later returning to the role while simultaneously holding talks with investors to raise funds for his new venture.

Co-founded in 2016 by Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta, and Jain, OfBusiness provides raw material procurement and financing solutions to SMEs operating in the manufacturing and infrastructure sectors through its platform.

OfBusiness has raised over $650 million to date across rounds, including its $325 million round led by Alpha Wave, Tiger Global, and SoftBank at a valuation of $5 billion. According to the startup data intelligence platform TheKredible, Alpha Wave is the largest external stakeholder with 19.16%, followed by Creation Investment and Matrix. SoftBank, Norwest, and Tiger Global are other notable stakeholders in OfBusiness.

OfBusiness is said to be targeting an IPO of up to $1 billion, comprising a mix of fresh issue shares and an offer for sale (OFS). The company has already moved closer to listing by transitioning into a public entity.