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JSA, SAM act on $34.8m OFB Tech lending platform fundraise from Norwest, others

OfBusiness, a startup that lends to small and medium enterprises, has raised ₹250 crore led by Norwest Venture Partners with participation from existing investors Falcon Edge and Matrix Partners. Asish Mohapatra, CEO, Of-Business said, “We strongly believe that lending is a commodity or will get commoditised in the future. — The Economic Times

J Sagar Associates (JSA) advised OFB Tech Private Limited led by a team of partner Lalit Kumar, partner Bharati Joshi, associate Rishabhdev Jain, and junior associate Aakanksha Mehta.

Update 01 October 2019: Shardul Amarchand Mangaldas advised Norwest Venture Partners, conducting the legal due diligence on OFB and its subsidiaries, structuring the transaction, drafting, reviewing and negotiating the transaction documents, apart from assisting with the pre-closing and closing actions. The transaction team at SAM was led by partner Puja Sondhi; partner Sumeet Singh; senior associate Aakanksha Dalal; associate Kartik D Monga; and associate Meghna De. Bangalore-based partner Siddharth Nair provided strategic inputs on the transaction. The diligence team comprised of partner Sumeet Singh; principal associate Karuna Thapa; senior associate Anish Jaipuriar; associate Surabhi Gupta and associate Kriti Singhania. In addition, partner Pooja Ramchandani; principal associate designate Vaibhav Bhardwaj and associate Suryansh Gupta provided assistance on employment law matters.


Deal value: Rs. 240 crores

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

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