SoftBank-backed OfBusiness seeking secondary funding ahead of IPO: Report

Online construction materials marketplace OfBusiness is in talks for a secondary funding round ahead of its potential IPO, Moneycontrol reported. The SoftBank-backed startup is reportedly raising $50-100 million from firms who'll buy shares from some of OfBusiness' investors. New investors will come at a valuation of $8-9 billion, a nearly 80% rise from OfBusiness' current valuation of $5 billion.