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OfBusiness Seeking $2 Billion in Mega Indian Tech IPO, Sources Say

  • OfBusiness could file initial IPO documents around October
  • IPO could be India’s largest tech debut after Paytm’s float
Ruchi Kalra, co-founded OfBusiness with husband Ashish Mohapatra.

Ruchi Kalra, co-founded OfBusiness with husband Ashish Mohapatra.

Source: OfBusiness

A husband-and-wife founding team is in discussions with banks about raising as much as $2 billion in an initial public offering for one of their startups, aiming for India’s biggest tech debut since fintech giant Paytm.

OfBusiness, a startup founded by entrepreneurs Ruchi Kalra and Asish Mohapatra to help Indian enterprises buy bulk raw materials, could file initial listing documents around October, people familiar with the matter said. The startup is in talks now to raise about $400 million of pre-IPO financing in coming months, one of the people said. It’s in discussions with potential IPO arrangers including Goldman Sachs Group Inc. and Morgan Stanley and India’s Kotak, Avendus and ICICI Securities