OfBusiness operates as a raw‑material aggregator and procurement‑finance provider, selling industrial goods and underwriting loans for businesses sourcing materials. It works with banks to offer credit lines to SMEs with annual turnover over $3 million and operates across nine B2B raw‑material supply chains. The platform collects customer activity data that it uses to underwrite loans for businesses using its marketplace and tenders. The company’s three core offerings—B2B commerce marketplace, financing through Oxyzo, and SaaS via Bidassist—are described as functioning together as a virtuous cycle at scale. OfBusiness says it has been profitable for the past four years; its commerce business generated $1.7 billion in revenue this year with a $42.5 million net profit, while Oxyzo doubled revenue to $360 million with $21.6 million profit and works with about 45 financial institutions. Bidassist has grown organically to 2.7 million unique users. The company plans to deploy fresh funds to deepen commerce supply‑chain penetration, broaden its technology stack for SaaS and financing, and is exploring an IPO process to begin internally by mid‑next year. OfBusiness operates a full-stack, technology-led platform that combines raw material fulfilment, working-capital financing (via its NBFC Oxyzo) and SaaS tools to serve fragmented B2B supply chains across metals, chemicals, polymers, agri commodities, petrochemicals and building materials. Its financing arm Oxyzo has a loan book of about US$240M (growing ~80% YoY), a pre-tax RoA of over 6% and NPAs of ~1.2%, supported by ~45 lenders. By September 2021 the commerce business crossed a $1.2B revenue run rate, was profitable and growing roughly 4x YoY. The company has built two SaaS products—Bidassist (touching over 2.4M unique actively engaged users) and SME Assist—which are growing 2x YoY and independently profitable. OfBusiness says the three businesses operate as data engines and service providers to each other, creating a digital, full-stack offering for B2B users. It operates across 20 locations in India and earned a triple-notch upgrade to a CRISIL A rating during the COVID-19 period. The company plans to expand into more raw materials, geographies, marketing channels, semi-finished goods, private labels and contract manufacturing, and intends several tuck-in acquisitions, alliances and strategic investments to deepen its supply-chain services. OfBusiness is a technology-enabled platform that provides purchase finance and a suite of short- and long-term financial products to SMEs, enabling access to institutional credit. It combines financing with a raw materials marketplace and underwrites loans using SME financial data plus proprietary data on anchor customers contributed by its buyer-seller community. The company has developed a proprietary Bidassist platform to help SMEs discover opportunities across public and private tenders. OfBusiness operates under the brand name Oxyzo Financial Services (an NBFC registered with the Reserve Bank of India) and its parent OFB Tech Private Limited. The company currently operates across 25 industrial clusters and 9 hubs and is led by co-founder and CEO Asish Mohapatra. Recent capital and lending relationships support continued growth and scaling of its model. OfBusiness helps SMEs with raw-material procurement and purchase financing and offers services such as quality checks and transit insurance. It serves 22 SME clusters across seven states and targets sectors including auto ancillaries, power equipment vendors, and capital goods manufacturers. The firm holds an NBFC license and bundles lending and procurement solutions to reduce SMEs' dependence on informal channels and local distributors. It plans to expand to 10 more SME clusters by the end of the year, deepen presence in current and newer sectors, and ramp up its BidAssist technology platform. Since inception the fintech has disbursed Rs 400 crore, has Rs 110 crore in assets under management, and reports bad loans of less than 1%; it aims to disburse about Rs 700 crore in 2017-18 versus Rs 220 crore in the previous fiscal year. Ofbusiness, launched in January 2016 and based in Gurgaon, operates a technology-powered SME marketplace connecting buyers and suppliers for raw materials such as industrial steel, building materials and construction consumables. The platform combines commerce, credit and logistics services and offers discovery, fulfilment, financing and settlement for buyers, suppliers, transporters and financiers. As of the article, Ofbusiness is present in about 10 industrial and construction clusters across NCR, Tamil Nadu, Andhra Pradesh and Maharashtra and reports strong metrics in profitability, working capital, transaction sizes and repeat rates. The company plans to expand its footprint to cover 30+ clusters, add more product lines like consumables, and grow a financial-services subsidiary to increase SME access to financing. Founders include Asish Mohapatra, Ruchi Kalra and Bhuvan Gupta, supported by a management team with experience at McKinsey, ITC, Snapdeal and other firms. Total capital raised to date is reported to be over INR 100 Crore following this funding.

Total raised

$574M

Funding rounds

6

Latest round

Series G

Latest activity

Dec 2021