OfBusiness is a B2B commerce and financing company based in India that supplies raw materials and lending to small and medium businesses.

This Startup Deep Dive explains what OfBusiness does, how it makes money, who backs it, how it compares with rivals and what could go wrong, using publicly available information. It is educational and not investment advice. Last updated: October 2026.

OfBusiness in Brief

• What it is: OfBusiness is an Indian B2B commerce and lending company based in Gurugram.
• Who it serves: consumers, merchants, banks, lenders and enterprises.
• OfBusiness (OFB Tech Limited since December 2024) describes itself as a raw material aggregator and procurement finance provider for SMEs.
• It buys bulk industrial materials and sells them in smaller lots to SMEs across about nine supply chains.
• Its NBFC arm Oxyzo offers collateral-free purchase financing and credit lines to SMEs buying through the platform.
• Funding: nearly $900M across about 11 rounds (reports differ: over $650M or $1.2B).

OfBusiness Quick Facts

Figures marked “reported” come from published reports and may differ between sources; “Not disclosed” means no reliable public figure was found.

What Is OfBusiness?

OfBusiness operates in the B2B commerce and lending space in India. Understanding a company like this starts with three questions: who is the customer, what painful problem is being solved, and why the solution is better than the alternatives. The sections below apply that lens to OfBusiness.

• OfBusiness (OFB Tech Limited since December 2024) describes itself as a raw material aggregator and procurement finance provider for SMEs.
• It buys bulk industrial materials and sells them in smaller lots to SMEs across about nine supply chains.
• Its NBFC arm Oxyzo offers collateral-free purchase financing and credit lines to SMEs buying through the platform.
• Its SaaS arm Bidassist helps firms bid on government tenders (2.7 million users reported in 2021).

The Origin Story of OfBusiness

Every company starts from a noticed gap and a team willing to commit to closing it. Strong origin stories are specific: a clear problem, a founding team with relevant skills, and an early product that real customers could test. Founder-market fit, meaning the team’s lived experience or technical depth in the domain, tends to predict how fast a young company learns.

• Founders: Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta, Nitin Jain.
• Founded in 2016 (incorporated 2015) by five co-founders: Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta and Nitin Jain; Mohapatra, a former venture capitalist, is CEO.
• The company launched in January 2016 as a raw-material marketplace and tender platform; Oxyzo was set up about a year later to lend to SMEs buying on the platform.
• Headquartered in Gurugram.

Key Milestones and Challenges

No startup grows in a straight line. Early years usually involve slow adoption, product rewrites, hiring mistakes and funding gaps. In the B2B commerce and lending sector the common turning points are a first paying customer, a regulatory approval, a successful product demonstration or a funding round that lets the team invest ahead of demand. How a team responds to setbacks says more about resilience than any single headline.

• April 2021: $110M Series D2 led by Falcon Edge Capital at about $800M valuation.
• October 2021: reported $200M round led by Tiger Global at a $3B valuation.
• December 2021: $325M Series G led by Alpha Wave, Tiger Global and SoftBank Vision Fund 2 at about $5B valuation.
• December 2024: converted to a public limited company (OFB Tech Limited).
• April 2025: Rs 100 crore round led by Cornerstone Ventures ahead of a then-planned IPO.
• 2025: an earlier $750M-$1B IPO plan at a $6-9B valuation was shelved.
• 2026: reports say it is reviving the IPO, with a DRHP targeted around November for up to about $800M at $5-6B.

OfBusiness Funding and Investors

Funding history shows how much outside confidence a company has attracted and how long it can operate before needing more capital. Figures below are reported and may differ between sources; valuation figures are estimates unless the company has confirmed them.

• April 2021 Series D2: $110M led by Falcon Edge Capital, at about $800M valuation.
• October 2021: about $200M led by Tiger Global at a $3B valuation (reported).
• December 2021 Series G: $325M led by Alpha Wave Global, Tiger Global and SoftBank Vision Fund 2, at about $5B valuation; $802M raised in 2021 in total.
• April 2025: Rs 100 crore led by Cornerstone Ventures.
• Investors include SoftBank, Tiger Global and Z47.

How Does OfBusiness Make Money? (Business Model)

A business model describes who pays, how often and how much it costs to serve them. Strong models show repeat usage, improving margins with scale and acquisition channels that do not depend only on paid spend. Weak models show one-off sales, rising costs and growth that stops when spending stops. For companies selling to consumers, merchants, banks, lenders and enterprises, sales cycles and contract size matter as much as headline growth.

• Commerce: buys in bulk from producers and sells to SMEs at a thin margin on very large volumes.
• Financing: Oxyzo lends to SMEs using data from their activity on the platform, earning interest income (about 95% of Oxyzo's operating revenue).
• SaaS: Bidassist tender-discovery subscriptions.
• Commerce and credit reinforce each other, with about 45 financial institutions acting as debt partners to Oxyzo (2021).

The Numbers: OfBusiness Financials

Financial figures show whether growth is turning into a self-sustaining business. Small and private companies often disclose little, so any number below is included only if it was found in public reporting.

• FY24: operating revenue about Rs 19,296 crore (up about 25.8%) and net profit about Rs 603 crore (reported).
• FY25: consolidated revenue about Rs 22,241 crore and profit about Rs 597 crore (single secondary source; sources differ on year labelling).
• FY26: net profit up 21% to Rs 724 Cr on revenue of Rs 20,645 Cr, EBITDA up 34% to Rs 769 Cr, margin about 4% (reported).
• Oxyzo FY25: consolidated revenue Rs 1,207 Cr and net profit Rs 339 Cr (lending arm figures).

Market Opportunity for OfBusiness

Market size is easy to exaggerate, so a useful approach separates the total market from the portion a company can realistically reach with its current product and distribution. The main forces behind demand in this sector are the scale of UPI, rising digital lending, growing participation in investing and insurance, and the digitisation of small merchants. Each of these widens the opportunity, but capital efficiency and execution decide who captures it.

• Targets India's SME procurement and working-capital gap in industrial raw materials.
• SMEs with annual turnover above about $3 million are the focus for Oxyzo credit.

Technology and Product at OfBusiness

Technology is rarely the whole moat, but it drives speed, cost and customer experience. A practical way to assess it is to separate the capability the company controls from the commodity infrastructure it rents. In this sector the important factors are uptime, security, fraud controls, integrations with banks and the speed of onboarding customers.

• Data-driven underwriting from platform transaction history; SaaS tender platform Bidassist; in-house tech stack spanning commerce, credit and SaaS.

Team and Culture at OfBusiness

Teams are the most important and least measurable asset of a young company. Look at how complementary the founders’ skills are, how deep the second layer of leadership is, and how the company hires and retains specialists. Culture shows up in small repeated behaviours: how quickly bad news travels upward and whether commitments to customers are kept.

• Five co-founders; Asish Mohapatra is CEO and Ruchi Kalra a co-founder (also associated with Oxyzo).
• Advised on the IPO by Axis Capital, Morgan Stanley, JPMorgan and Citigroup (reported).

OfBusiness Competitors: Competitive Landscape

A fair competitive analysis names direct rivals, adjacent players who could move into the space, and the customer’s default alternative. Durable advantages include proprietary data or technology, licences and approvals, brand trust, switching costs and cost leadership.

Risks and Challenges for OfBusiness

• Thin-margin commerce business with very large working-capital needs.
• Oxyzo credit quality and funding dependence on lenders.
• IPO timing has slipped and valuation targets have been cut from $6-9B to $5-6B.
• Revenue flat to lower in FY26 as it exited lower-return segments.
• Regulatory risk: rules from the RBI, SEBI, IRDAI or NPCI can change economics or business scope quickly.
• Concentration risk: dependence on a few partners, banks or payment rails can create single points of failure.

Risk is not a reason to avoid a company; it is a reason to price it correctly and to monitor the right indicators over time. Regulation in this sector is shaped by the RBI, SEBI, IRDAI and NPCI.

OfBusiness Growth Outlook: What to Watch

• Reports say a DRHP may be filed around November for an IPO of up to about $800M (fresh issue up to $260M) at a $5-6B valuation.
• Management credits stronger manufacturing integration and exit from low-return segments for improved margins.
• Key indicators: transaction value, take rate, active users, credit quality and cost of acquiring each customer.
• Funding position: Whether OfBusiness can reach its next milestone before needing new capital.
• Regulation: Changes from the RBI, SEBI, IRDAI and NPCI.

Industry Context: Where OfBusiness Fits

India's financial technology sector has been shaped by public digital infrastructure, especially UPI, along with Aadhaar-based identity, the account aggregator framework and regulation from the RBI, SEBI and IRDAI. These rails let startups reach customers and merchants at very low cost, but also expose them to fast-changing rules on licensing, data and lending conduct.

As payments become a low-margin commodity, fintech companies increasingly compete on distribution, merchant services, credit, wealth and insurance products. Sustainable profit usually depends on compliance strength, cost control and the quality of customer relationships rather than transaction volume alone.

For readers new to this field, a useful habit is to separate announcements from evidence. A plan, a partnership or a funding headline describes intent, while a delivered product, a paying customer or an audited financial statement describes results. Comparing the two over time shows how reliably a company turns promises into outcomes.

Bull Case and Bear Case for OfBusiness

An investment thesis is a short, testable statement of why a company could become far more valuable, together with what evidence would prove it wrong. The points below are general to this sector and are not forecasts for OfBusiness.

Bull case

• Digital payments and credit continue to grow, widening the market.
• Strong compliance and distribution create durable advantages.
• Cross-selling to existing customers can lift revenue per user.

Bear case

• Regulatory shifts can change economics overnight.
• Free or low-fee products make profit hard to reach.
• Fraud, outages and partner dependence can hurt trust.

Lessons Founders and Investors Can Take from OfBusiness

Studying a company in the B2B commerce and lending space offers lessons that go beyond any single firm. The points below are general lessons for the sector and are not claims about OfBusiness.

• Compliance is a growth enabler in financial services, not just a cost, because licences decide what a company is allowed to sell.
• Distribution and customer trust often matter more than the underlying payment or lending technology.
• Products that earn from services and credit tend to be steadier than ones that depend on free transactions.
• Dependence on a single bank partner or rail creates risk that should be managed early.
• Fraud prevention and uptime are core product features, not back-office tasks.

How to Evaluate OfBusiness as a Startup

• Customer clarity: Can OfBusiness name its customer and the problem it solves in one sentence?
• Evidence of demand: Look for repeat customers, signed contracts or measurable usage rather than announcements alone.
• Economics: Check whether margins improve as volume grows.
• Execution: Compare announced timelines with what has actually been delivered.
• Funding runway: Estimate how long current capital lasts at the present spending rate.
• Regulatory standing: Confirm required approvals are in place.
• Customer concentration: Check whether a few customers account for most of the revenue.
• Management depth: Look for experienced leaders beyond the founders and a stable core team.

The Takeaway

OfBusiness is part of India’s growing B2B commerce and lending ecosystem. The useful lesson from studying it is the discipline of asking structured questions about customers, economics, advantage and resilience. Companies that answer them well, repeatedly and under pressure are the ones that endure. Readers should treat any single report, ranking or funding headline as one input among many, and should re-check key facts against recent company announcements. Because public information on young companies is often limited, patience in verifying claims is part of good analysis. Public sources can also describe the same company in different ways, so it is worth checking dates, definitions and whether a figure refers to revenue, total income or transaction value, and whether it covers one entity or a wider group, before drawing conclusions. Small differences in rounding, currency conversion or reporting periods can also change how a figure reads. Comparing the same figure across several recent reports helps show whether it is stable or has changed over time. This article is educational and is not investment advice.

• Clear customers and repeat demand matter more than announcements.
• Regulation and capital needs shape how fast a startup in this sector can grow.
• Track a few leading indicators over time rather than one headline metric.

OfBusiness FAQs: Frequently Asked Questions

What is OfBusiness?

OfBusiness is a B2B commerce and financing company based in India that supplies raw materials and lending to small and medium businesses. It is profiled in the Startup Deep Dive series, which explains business model, funding, competitors and risks.

Who founded OfBusiness?

OfBusiness was founded by Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta, Nitin Jain, and the company reports a founding year of 2016 (some profiles say 2015, the incorporation date; launched January 2016).

How much funding has OfBusiness raised?

nearly $900M across about 11 rounds (reports differ: over $650M or $1.2B). Funding figures are reported and may differ between sources, so readers should check the latest company announcements.

How does OfBusiness make money?

OfBusiness earns revenue from its B2B commerce and lending products and services sold to consumers, merchants, banks, lenders and enterprises. The exact revenue mix is described in the business model section and is not fully disclosed publicly.

Who are the competitors of OfBusiness?

Reported rivals include Moglix, Infra.Market, Zetwerk, Banks and NBFCs. See the competitor comparison above for how they differ.

What are the main risks for OfBusiness?

Main risks include rules from the rbi, sebi, irdai or npci can change economics or business scope quickly, funding and capital needs, competition and regulation by the RBI, SEBI, IRDAI and NPCI. This is educational content, not investment advice.

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Source

Source: Publicly available data, published reports, industry research, and other credible sources.