SoftBank-backed OfBusiness is reviving its initial public offering plans, targeting to raise up to $800 million through a potential listing. According to reports from The Hindu BusinessLine, the company is exploring a revival of its IPO plans to raise as much as $800 million in India. The SoftBank Group Corp.-backed company is working with four major investment banks - Axis Capital Ltd., Morgan Stanley, JPMorgan Chase & Co., and Citigroup Inc. - to help prepare for the potential listing. The revived offering is expected to include a fresh issuance of up to $200 million, with the remainder being sold by existing shareholders. An earlier IPO attempt was put on hold amid weak market conditions, but the company is now targeting to file its draft prospectus as soon as November. Beyond SoftBank, the company's backers include Tiger Global Management, Norwest Venture Partners, Matrix Partners, and Falcon Edge Capital, as reported by The Hindu BusinessLine. A representative for OfBusiness declined to comment on the IPO details, referring to the previous listing attempt and stating that the filing had to wait for a corporate restructuring to be completed, which took longer than expected.
IPO-bound OfBusiness, a SoftBank-backed technology-led supply chain and financing platform for small businesses, reported that its exports more than doubled to over ₹2,500 crore in FY26, accounting for 12 per cent of the company's consolidated revenue. According to reports from Business Standard, this fast-paced export revenue growth is expected to remain robust, with the India-UK Free Trade Agreement formalised, to be followed by the EU trade pact. The rising export mix represents a significant source of revenue diversification for the decade-old company.
The company now exports to more than 70 countries, including the United States, the United Kingdom, the European Union (EU), Japan and Australia, as reported by Business Standard. Asish Mohapatra, co-founder and CEO of OfBusiness, stated that "As India's position in global supply chains continues to strengthen, we are well placed to grow our international business further." The growth has come mainly from the company's apparel and food processing businesses, which provide global buyers with a single-source partner across categories.
Exports to the UK are expected to get further support after the India-UK Comprehensive Economic and Trade Agreement came into force on July 15, 2026, according to Business Standard. The agreement removes tariffs on close to 99 per cent of Indian export lines entering the UK, including textiles and apparel, a category central to OfBusiness's export business. The company expects this to add momentum to its exports through FY27, alongside continued growth in the United States, which remains its largest export market.
In apparel, OfBusiness supplies seven of the world's top 10 apparel retailers, as well as a broader base of smaller buyers, and has established sourcing offices in the United States and London to work more closely with design cycles, as reported by Business Standard. The company is also expanding its sourcing and manufacturing capacity in Bangladesh and growing its domestic footprint in Haryana, Andhra Pradesh, Karnataka, Tamil Nadu and Madhya Pradesh. Food processing exports, which include shipments from its Karnataka units to the US, Canada, the EU and Australia, are expected to double again in FY27. Founded in 2015, OfBusiness operates a business-to-business commerce platform that combines raw material procurement with embedded financing for small and medium-sized enterprises, supplying products across categories including metals, chemicals, agricultural commodities and apparel, while also offering working capital and credit solutions.
Alongside the exports revenue update, the group reported consolidated revenue of ₹20,645 crore and profit after tax (PAT) of ₹724 crore for FY26, according to Business Standard. The commerce business recorded revenue of ₹19,174 crore, with Ebitda of ₹769 crore and operating cash flow of ₹1,302 crore, turning free cash flow to the firm positive at ₹390 crore in FY26. India's market for new share sales has begun to recover after a subdued first half of the year, with companies raising about $6.8 billion via IPOs this year compared to a record $22.4 billion in all of last year, according to Bloomberg data. Founded in 2015, OfBusiness operates a business-to-business commerce platform that combines raw material procurement with embedded financing for small and medium-sized enterprises.
