OfBusiness completes 100% acquisition of Indian Design

Indian Design, the Bengaluru-based garment and home textile manufacturer, is now fully owned by OfBusiness after the acquisition of the remaining 30% stake previously held by others. 

With this move, OfBusiness consolidates its apparel vertical, merging Indian Design into its broader platform that already spans metals, chemicals, agri-processing, and apparel. 

Indian Design reportedly generates annual revenues of around Rs 1,300 crore and supplies apparel and home-textile products to global brands such as H&M, GAP, Old Navy, Columbia and IKEA.  

Combined with OfBusiness’s existing partnerships with brands including Zara, Uniqlo, Adidas and Skechers, the apparel vertical is now reported to reach approximately Rs 3,000 crore in revenue, with nearly 80% coming from exports. 

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.

The Gurugram-based company recently raised Rs 100 crore (about $11.7 million), led by Cornerstone Ventures. Prior to this, it had raked in over $662 million across various rounds, including a $325 million round led by Alpha Wave, Tiger Global, and SoftBank, at a valuation of $5 billion.