SoftBank-backed OfBusiness, which runs a new-age marketplace for construction materials and financing for small and medium enterprises, is going to do a secondary fundraise ahead of its potential initial public offering.

OfBusiness is raising $50-$100 million from a slew of family offices, who will buy shares from some of B2B commerce and lending platform’s investors. The new investors will come in at a valuation of $8 billion to $9 billion, a nearly 80% increase from the company’s current valuation of $5 billion, and would serve as a benchmark for the company as it prepares to go public within the next year.

OFB Tech (OfBusiness), Gurgaon, India, was founded by Asish Mohapatra. It’s a tech-enabled online platform that facilitates raw material (metals, chemicals, polymers, agri commodities, building materials) procurement and credit for SMEs focusing in the manufacturing and infrastructure sectors. The company has been considering an IPO since December 2021, when it raised $325 million from existing investors Alpha Wave Global, Tiger Global Management, and SoftBank, increasing its valuation to $5 billion from $1.7 billion.