IPO · Commerce & Consumer Brands

OfBusiness converts to public company, plans IPO

By Startup Enthusiast · 30 January 2025

What they do

OfBusiness is a B2B platform for raw material procurement and financing for SMEs

The company converted from private to public and plans an IPO of $750M–$1B in H2 2025

It posted FY24 net profit of ₹603 crore on revenue of ₹19,296 crore, up 30% and 26% respectively

OfBusiness's board approved a resolution to convert from a private to a public company on 27 January 2025.
The company changed its name from OFB Tech Private Limited to OFB Tech Limited.
Shareholders of the parent firm Ofb Tech approved a special resolution for the conversion.
The company was incorporated on 24 August 2015 as a private limited company.
The planned IPO size is $750 million to $1 billion, including a primary component and an offer for sale (OFS).
The primary issue will raise $200 million in new shares.
The IPO is expected in the second half of 2025.
Merchant bankers in discussions include Axis Capital, Morgan Stanley, JPMorgan, Citigroup, and Bank of America.

The IPO valuation target is $6 billion to $9 billion, up from a $5 billion valuation in 2021.
A secondary transaction in October 2024 valued the company at around $4 billion.
SoftBank is planning a $100 million partial exit for Alpha Wave and Z47 before the IPO.
Other new-age firms planning IPOs include Shiprocket, Bluestone, Ather Energy, Zetwerk, and Razorpay.

OfBusiness is a B2B platform for raw material procurement and financing for SMEs in manufacturing and infrastructure.
It supplies raw materials including steel, non-ferrous metals, petrochemicals, polymers, industrial chemicals, agri commodities, building materials, bitumen, lubricants, apparel, and food processing.
Its categories are Metals, Chemicals, Apparel, and Food Processing.
Oxyzo Financial Services is its fintech lending arm, offering cash flow-based finance for raw material purchases.
OfBusiness owns around 70% of Oxyzo.
BidAssist is a tool for government procurement opportunities with 2,000+ tender sources and 13,000+ daily tenders.
It has delivered 1 million+ orders, empowered 1.5 million+ SMEs, and serves 70+ countries.
It has 4,500+ suppliers in metals, 1,800+ in chemicals, 2,600+ in apparel, and 21,000+ in food processing.
It operates 5 manufacturing units in metals, 5 in chemicals, 34 in apparel, and 6 in food processing.

Product: Marketplace platform connecting SMEs to commodities including steel, metals, chemicals, agricultural products, textiles; includes financing and supply chain services
Customers: Small and medium enterprises seeking streamlined access to commodities, financing, and logistics
How it makes money: B2B marketplace model with commission on transactions and financing services
What sets it apart: Diversified vertical portfolio including apparel exports to top global retailers; operates across 75 countries