People · Commerce & Consumer Brands

OfBusiness cofounder Nitin Jain quits for manufacturing venture

By Startup Enthusiast · 17 December 2025

What they do

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

Cofounder Nitin Jain has resigned and plans to start a new venture in the manufacturing space

The company is targeting an IPO of up to $1 billion and reported Rs 22,241 crore revenue in FY2025

Nitin Jain, cofounder and chief business officer of OfBusiness and its lending arm Oxyzo, has resigned.
He announced his departure via a LinkedIn post.
Jain had stepped down as CBO last year, then rejoined while negotiating investor funds for his new venture.
His next venture will be in the manufacturing space.
OfBusiness cofounders include Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta, and Nitin Jain.
A company spokesperson wished Nitin Jain well.

Jain is an IIT Delhi alumnus and was a key leader at OfBusiness and Oxyzo.
OfBusiness last raised $325 million in December 2021 at a $5 billion valuation.
The company is targeting an IPO of up to $1 billion, a mix of fresh issue and offer for sale.
OfBusiness reported Rs 22,241 crore revenue and Rs 597 crore profit in FY2025.

OfBusiness is a B2B ecommerce platform for raw material procurement and financing to SMEs in manufacturing and infrastructure.
Product categories include steel, non-ferrous metals, chemicals, agricultural products, polymers, energy commodities, textiles, construction materials, and leather.
It also operates a lending arm called Oxyzo.
OfBusiness has delivered over 1 million orders, empowered over 1.5 million SMEs, and serves 70+ countries.
It has 4,500+ suppliers, 50+ brands, and 5 manufacturing units in metals; 1,800+ suppliers and 30+ brands in chemicals; 2,600+ suppliers and 34 manufacturing units in apparel; and 21,000+ suppliers and 6 manufacturing units in food processing.
It offers BidAssist for government procurement, with 2,000+ tender sources and 13,000+ daily tenders.

OfBusiness is targeting an IPO of up to $1 billion, a mix of fresh issue and offer for sale, and has transitioned to a public entity.

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