OfBusiness The Sole Woman-Led Unicorn of the Year

As the year unfolds, the unicorn club continues to expand, welcoming 27 startups into its ranks in various sectors such as online pharmacy, social commerce, and infrastructure-led marketplaces. However, amidst this surge, only one startup stands out as being led by women: OfBusiness.

The Rise of OfBusiness

Founded over six years ago by Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta, and Nitin Jain, OfBusiness offers raw material procurement services and credit to small and medium businesses (SMBs). In July, the company achieved unicorn status following a $160 million funding round led by SoftBank Vision Fund II, valuing the company at $1.5 billion. Notable investors include Falcon Edge Capital, Alpha Wave Incubation, and Matrix Partners India.

Perspectives on Women in Entrepreneurship

Anisha Singh, founding partner at She Capital, reflects on the evolving landscape of women entrepreneurship. While acknowledging the increasing presence of women founders in the startup ecosystem, she highlights the challenges they face, including a delayed start compared to men. Singh attributes this delay to the lack of female role models and investor biases favoring male-led ventures. However, she sees a positive shift with the emergence of successful businesses like Bumble and Nykaa, instilling confidence in investors to back women-led startups.

Overcoming Barriers

Rachitta Juneja, Founder of Whide, underscores the gender disparity in venture capital funding, where male investors predominantly support male founders. She emphasizes the need for women entrepreneurs to navigate and overcome these systemic biases to secure investment in the tech industry.

Future Outlook

Despite existing challenges, the trajectory looks promising for female-led startups. With the Indian startup ecosystem experiencing unprecedented growth, projections suggest that 150 startups could achieve unicorn status by 2025. Among these, the Hurun India report anticipates the rise of several female-led startups, signaling a more inclusive and diverse future for entrepreneurship in India.