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Gurugram-based B2B marketplace OfBusiness has secured ₹100 crore (US$11.7 million) from Cornerstone Ventures as it gears up for an IPO in late 2025. This funding, part of Cornerstone’s US$200 million second fund, aims to enhance digital adoption and financing access for SMEs.Founded in 2016, OfBusiness has raised approximately US$878 million to date, providing procurement and financing solutions to SMEs in manufacturing and infrastructure. The investment reflects growing confidence in the B2B sector, which is projected to expand significantly in India.
Former eFishery CEO Gibran Huzaifah revealed that Temasek's CEO Dilhan Pillay personally reached out to him via WhatsApp for a stake in a $90 million funding round in 2021, a rare move for Pillay. Huzaifah also secured a meeting with SoftBank's Masayoshi Son, who quickly valued eFishery at $200 million, while Peak XV Partners proposed a valuation exceeding $300 million. Ultimately, the funding round valued eFishery at $410 million, despite Huzaifah admitting to inflating financial figures. He has since launched a frozen food business, while investigations into eFishery's financial practices continue.
Microsoft is pausing some data center projects, including a $1 billion facility in Ohio, amid a reassessment of AI infrastructure needs. While demand for cloud and AI services surged, the company is adapting its strategy, halting early-stage developments and scaling back international expansions. Despite these changes, Microsoft plans to invest over $80 billion in AI infrastructure this fiscal year, maintaining its commitment to growth.
Vietnam's fintech landscape is rapidly evolving, with QR code payments now dominating transactions, replacing cash as the primary payment method. Major players like MoMo and ZaloPay are transforming into AI-powered super apps to adapt to regulatory changes and a funding drought. Meanwhile, efforts are underway to regulate cryptocurrencies, moving them out of a legal gray area.
OpenAI has secured $40 billion in a funding round led by SoftBank, boosting its valuation to $300 billion. This funding, the largest in AI history, includes $10 billion already invested, with the remaining $30 billion expected by the end of 2025. Notable contributors include Microsoft, Coatue, Altimeter, and Thrive Capital.
OpenAI is set to finalize its $40 billion funding round, which is being led by SoftBank. This significant investment marks a pivotal moment for the company as it continues to expand its operations and influence in the tech industry.
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OfBusiness secures 11.7 million funding to enhance SME digital adoption
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