Shardul Amarchand Mangaldas advises Norwest Venture Partners on latest round of funding in OFB Tech Private Limited

September 27, 2019

Shardul Amarchand Mangaldas & Co has advised it’s long standing client, Norwest Venture Partners on its investment for a minority stake in OFB Tech Private Limited as part of Series D round of funding. With this new round of funding, the company has raised a total of INR 1,500 crores of equity and debt funding till date.

Norwest is a leading multi-stage investment firm managing more than $7.5 billion in capital. The firm invests in early to late stage companies across a wide range of sectors with a focus on financials, fintech, consumer, enterprise and healthcare. OFB Tech Private Limited is an Indian company engaged in the business of operating an online B2B Wholesale Trading platform and providing financial assistance in the form of working capital finance and term loans to SMEs through its subsidiary which is a NBFC. The company already counts Matrix Partners India, Zodius Technologies, Falcon Edge, Creation Investments and several leading angels as its investors.

As the legal counsel to NVP, SAM & Co’s role was to conduct 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 & Co was led by Ms. Puja Sondhi, Partner; Mr. Sumeet Singh, Partner; Ms. Aakanksha Dalal, Senior Associate; Mr. Kartik D Monga, Associate ; Ms. Meghna De, Associate. Mr. Siddharth Nair, Partner provided strategic inputs on the transaction.

The diligence team comprised of Mr. Sumeet Singh, Partner; Ms. Karuna Thapa, Principal Associate; Mr. Anish Jaipuriar, Senior Associate; Mr. Kartik D Monga, Associate; Ms. Surabhi Gupta; Associate, Ms. Meghna De, Associate and Ms. Kriti Singhania, Associate. Ms. Pooja Ramchandani, Partner; Mr. Vaibhav Bhardwaj, Principal Associate Designate and Mr. Suryansh Gupta, Associate provided assistance on employment law matters.

The total deal value is INR 250 crores (Rupees Two Hundred and Fifty Crores) approximately. The deal was signed on September 12, 2019.