Softbank and Tiger Global-backed OfBusiness has agreed to buy 100% of Koeleman India Pvt. Ltd., marking its entry into the food processing sector, according to a person involved in the deal.
OfBusiness, formally known as OFB Tech Pvt. Ltd., is a raw material procurement and financing platform for small and medium enterprises. The acquisition gives OfBusiness access to Koeleman India’s state-of-the-art food processing unit in Narsapura, Karnataka, and its export markets.
Gijs de Rooij, director of Koeleman Beheer and Koeleman India, said he had a “great experience” dealing with OfBusiness and Singhi Advisors. “From a European perspective, the perceived risk of selling a company in India is high, and there are many administrative differences between The Netherlands and India,” he said in an email response to query. OfBusiness did not respond to a request for a comment.