OfBusiness raised a funding of $160 million led by SoftBank Vision Fund, its Co-founder and Chief Executive Officer Asish Mohapatra said. The b2b platform has become the 18th Indian unicorn startup valued at over $1 billion this year.

Mohapatra said the company would use the fresh funds for takeovers and strategic investments to increase greater control over the supply chain of its core segments like foodgrains, metals, plastics, petrochemicals, industrial chemicals, food grains and building materials. “We have increased profits but will improve our profit margins into double digits. We have reached a scale where we need meaningful control over the supply chain,” he said.

OfBusiness currently has a revenue run-rate of $1.1 billion. The company earns margins of 5-10 per cent, but acquisitions can help OfBusiness take margins up to the early teens and can near the 20 per cent mark. “We are looking for the companies that have revenue in the range of Rs 20-200 crore,” said CEO Mohapatra.