B2B Marketplace Unicorn OfBusiness Doubles Profit To Rs 463 Crore In FY23

SoftBank-backed OfBusiness has posted a more than twofold rise in its net profit and revenue as the unicorn charts newer growth territories.

OfBusiness, formally registered as Ofb Tech Pvt., posted a profit of Rs 463 crore in FY23, as compared with Rs 201 crore in FY22. Its revenue from operations grew to Rs 15,342 crore in FY23 from Rs 7,139 crore in FY22, according to its consolidated financial statements sourced via Tofler.

The online B2B raw material marketplace's expenses also rose from Rs 6,993.5 crore to Rs 15,037 crore as its cost of procurement spiked.

Founded in 2016, OfBusiness provides raw material procurement services for small and medium businesses via its digital platform.

The results also include earnings from Oxyzo Financial Services Pvt. Ltd., the second unicorn from the OfBusiness group. The two Gurugram-based companies were founded by entrepreneurs Ruchi Kalra and Asish Mohapatra.

Oxyzo posted a Rs 197 crore profit, up from Rs 69.3 crore in FY22.

OfBusiness’ lending arm, Oxyzo Financial Services, had raised $200 million in April 2022 in Series 'A' funding at a valuation of more than $1 billion, marking one of the largest rounds in India’s startup ecosystem.

OfBusiness had turned unicorn in 2021, backed by marquee investors such as Masayoshi Son-led SoftBank, Norwest Venture Partners and Matrix Partners India, among others.