OfBusiness announced that the acquisition will accelerate digital transformation in construction businesses across India, North America and the Middle East
Tracecost provides real-time construction administration software that helps manage the finances and resources of construction projects.
OfBusiness was last able to raise $325 million during its series G funding round with an estimated value of $5 billion
The B2B platform that focuses on building materials OfBusiness has been reported to have invested a strategic amount that is $2.5 Mn in the construction management startup Tracecost.
The details of the agreement were not immediately obvious.
Read more Swiggy Delivery Executives From Bengaluru
OfBusiness was quoted in the website Entrackr they believe the decision will encourage digital adoption in construction businesses all over India, North America and the Middle East.
OfBusiness was founded in the year the year 2016 by Bhuvan Gupta Vasant Sridhar Ruchi Kalra Nitin Jain, as well as Asish Mohapatra, assists with the procurement of raw materials and provides credit to small and medium-sized businesses (SMEs) that operate in infrastructure and manufacturing sectors.
Tracecost was founded in the year 2018 with the help of Madhvi Walia, Prabh Paul and Sunny Vohra. Tracecost provides an online construction management system that is able to manage the financial and resource management of construction projects.
Gurugram-based OfBusiness had been able to raise $325 million in a Series G round backed by Alpha Wave Ventures II, Tiger Global Management and Softbank Vision Fund 2 with an estimated value of $5 billion.
Then, in March, the financial arm Oxyzo was named the 98th unicorn in the nation after it raised $200 million through a capital raise that included Alpha Wave, Tiger Global, Norwest Venture Partners, Matrix Partners and Creation Investments.
Oxyzo offers more than 2,500 SMEs in India with loans of INR 4000 Cr per year. According to reports, the startup has more than 5,000 customers and more than 2,000 suppliers through their B2B platform.
Sridhar recently informed In Business Headers that OfBusiness”a variety of businesses” have grown by 3X in the past year.
OfBusiness The platform for procurement rivals the likes of Infra.Market in a highly competitive market.
According to the study from Research and Markets, the B2B market size is projected to grow to $20.9 Tn in 2027. This will grow at an annual rate of 17.5 percent between 2020 and 2027. It is estimated that the Asia Pacific region held the highest revenue share, which was more than 65% in 2019 when it comes to B2B ecommerce. It is predicted to grow at a rate of 18% through 2027.
Read more Helping people connect to the Internet
The week before, Aditya-Billa group-owned Grasim Industries also announced its entry in the construction material B2B online e-commerce.