A founding team of men and women is in talks with banks about raising as much as $ 2 billion in an initial public offering (IPO) for one of their startups, aiming for India’s biggest tech debut since
fintech giant Paytm.
OfBusiness, a start-up founded by Ruchi Kalra and Asish Mohapatra to help Indian companies buy bulk raw materials, was able to submit initial listing documents by October, people familiar with the matter said. The startup is now in talks to raise about $ 400 million in pre-IPO funding in the coming months, one of them said. It is in discussions with potential IPO organizers, including Goldman Sachs Group and Morgan Stanley and India’s Kotak, Avendus and ICICI Securities.
At $ 2 billion, OfBusiness aims to bring India’s largest tech IPO to Paytm’s. This is despite the disastrous early performance of the fintech start-up, and the declining global appetite for riskier assets, as the war in Ukraine and rising inflation stimulate macroeconomic uncertainty.
OfBusiness hopes to reverse the trend toward doubling revenue in each of the past few years, people said, asking not to identify when discussing private matters. It hopes for a higher valuation than the $ 5 billion it received during its final funding round in late 2021, people said. OfBusiness proposes a revenue of $ 6 billion for the fiscal year ending March 2023 and it is already profitable, one person said.