OfBusiness company profile: valuation, funding & revenue

This OfBusiness company profile covers the company's valuation, revenue, funding rounds, investors and history. OfBusiness works in B2B commerce, with a focus on raw materials procurement and SME credit. It was founded in 2015 and is headquartered in Gurugram, Haryana, India. Its latest valuation on record is About US$5 billion (December 2021). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

Funding history

OfBusiness timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2015 — OfBusiness is founded in Gurugram by Asish Mohapatra (CEO), Ruchi Kalra, Bhuvan Gupta, Vasant Sridhar and Nitin Jain.
• Dec 2021 — Series G: US$325M (including about US$140M secondary), valuing the company at About US$5B. Investors: Alpha Wave Ventures II, Tiger Global, SoftBank Vision Fund 2.
• 2026 — IPO plans: Reported plans for an IPO of up to about US$800 million; listing not completed as of the last check.

Investors

Overview

OfBusiness helps small and medium-sized manufacturers and infrastructure companies in India buy raw materials such as steel, cement, polymers, chemicals and agricultural commodities, and gives them the credit to pay for those purchases. Its lending business, Oxyzo, is a registered non-banking financial company that provides working capital loans to the same type of customers. Over time OfBusiness has also moved into manufacturing and exports. Unlike many Indian startups, OfBusiness has reported profits for several years, making it one of the country's most closely watched B2B companies as it prepares for a public listing.

Asish Mohapatra, the CEO, founded OfBusiness in Gurugram in 2015 with Ruchi Kalra, Bhuvan Gupta, Vasant Sridhar and Nitin Jain. Mohapatra and Kalra, who are married, previously worked at McKinsey, and Kalra leads Oxyzo, making her one of the few women founders of an Indian unicorn. The company's legal name is OFB Tech, and it converted to a public limited company in late 2024 ahead of its planned IPO.

Business model

OfBusiness combines commerce and credit. Small manufacturers and contractors often struggle to buy raw materials at good prices, because they purchase in small quantities and lack bargaining power, and to get loans, because banks find them risky and expensive to assess. OfBusiness aggregates demand from many buyers, sources materials from large producers and delivers them, earning a margin on the goods. Oxyzo lends to these customers using data from their purchasing history to assess credit risk, earning interest income. The two businesses reinforce each other: commerce data improves lending decisions, and access to credit makes buyers more likely to purchase through OfBusiness.

Oxyzo

Oxyzo was set up as OfBusiness's lending arm and became a unicorn in its own right after raising capital in 2022. It provides purchase finance, working capital loans and other credit products to small and medium-sized enterprises (SMEs). India's SMEs face a large credit gap, estimated by various studies at hundreds of billions of dollars, because traditional banks require collateral and extensive paperwork. Lenders that use transaction data and close customer relationships can serve these businesses profitably if they manage risk carefully.

Funding

OfBusiness raised rapidly during 2021, with its valuation rising from about US$800 million in April to US$1.5 billion in July, US$3 billion in September and about US$5 billion in December. Its December 2021 Series G raised US$325 million, including about US$140 million of secondary sales by early investors, led by Alpha Wave Ventures II, Tiger Global and SoftBank Vision Fund 2. Earlier investors include Falcon Edge, Matrix Partners India, Creation Investments and Norwest Venture Partners. The company said it would use the money to diversify the business, expand exports, grow its credit business and enter manufacturing.

IPO plans

OfBusiness appointed investment banks for an IPO in 2025 but shelved the plan amid weak market conditions, according to Inc42. Later reports said it was reviving plans for an IPO of up to about US$800 million, with a mix of new shares and shares sold by existing investors, at a targeted valuation reported in the range of US$5 billion to US$6 billion. We haven't seen the listing completed, so it remains a private company in our database.

Competition

OfBusiness competes with other Indian B2B commerce companies such as Moglix, Zetwerk, Infra.Market and Udaan; with traditional distributors and traders; and in lending with non-bank lenders, fintechs and banks targeting SMEs. Its advantages are its profitability, the combination of commerce and credit, and its long relationships with SME customers.

OfBusiness at a glance

OfBusiness is a Gurugram B2B company founded in 2015 by Asish Mohapatra, Ruchi Kalra and co-founders. It supplies raw materials to SMEs and lends to them through its Oxyzo arm. It raised a US$325 million Series G at about US$5 billion in December 2021, led by Alpha Wave, Tiger Global and SoftBank Vision Fund 2, and has been preparing for an IPO.

India's B2B commerce opportunity

India has tens of millions of small and medium-sized businesses, many of which buy materials through fragmented networks of traders, with little price transparency and limited credit. Digital B2B platforms promise better prices, reliable delivery, quality assurance and financing. The market is large, but margins on commodity trading are thin, working capital requirements are heavy and credit losses can be painful during downturns. Companies that combine trading with lending, manufacturing or private-label products aim to earn better margins than pure marketplaces. Our guide to the largest Indian startups covers OfBusiness alongside consumer and fintech leaders.

Risks

• Credit risk: lending to small businesses can lead to losses during economic slowdowns.
• Commodity prices: swings in steel and other materials affect revenue and margins.
• Working capital: trading and lending both tie up large amounts of money.
• Market timing: IPO plans depend on market conditions and investor appetite for Indian listings.

Questions for SME buyers

• How do prices and delivery times compare with your current suppliers?
• What credit terms and interest rates are offered, and what are the penalties for late payment?
• How is material quality verified and guaranteed?

Manufacturing and exports

OfBusiness has increasingly moved beyond trading into manufacturing, acquiring or partnering with plants that produce items such as steel products, chemicals and agricultural processing. Owning manufacturing capacity can earn higher margins than trading commodities and gives the company more control over supply and quality. It has also expanded into exports, selling Indian-made materials and products to buyers in other countries. These moves make OfBusiness look less like a pure technology platform and more like a diversified industrial group powered by data and credit, which affects how public market investors may value it.

Latest developments (October 2026)

OfBusiness reported FY26 profit up 21% to ₹724 crore while revenue fell 7% to ₹20,645 crore, according to StartupFeed, and Inc42 reported that it may file for an IPO of about US$800 million around November 2026 with Axis Capital, Morgan Stanley, JPMorgan and Citi advising, according to Inc42. Its last priced round was in 2021 at about US$5 billion.

What to watch

Watch for a draft prospectus filing with SEBI, IPO timing and valuation, Oxyzo's asset quality and growth in manufacturing and exports.

Takeaways

Small manufacturers can access materials and credit through one partner. Founders can learn from OfBusiness's profitable growth model. Investors should watch credit quality and the eventual IPO valuation compared with the 2021 round.

Sources

Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.

1. Inc42
2. Inc42