Results · Commerce & Consumer Brands

OfBusiness posts Rs 15,342 crore revenue in FY23

By Startup Enthusiast · 26 October 2023

What they do

OfBusiness is a B2B platform that supplies raw materials like steel and chemicals to SMEs

It reported Rs 15,342 crore revenue and Rs 463 crore profit for FY23, both more than doubled

The company's lending arm Oxyzo also grew, with profit up 2.8 times to Rs 197 crore

OfBusiness reported its financial results for the financial year ending March 2023 (FY23).
The company's revenue stood at Rs 15,342 crore, up 2.14 times from Rs 7,140 crore in FY22.
Profit for FY23 was Rs 463 crore, up 2.3 times from Rs 201 crore in the previous year.
Total expenditure rose to Rs 15,037 crore, also up 2.14 times from Rs 6,994 crore in FY22.
The cost of procurement was 91% of total expenditure, at Rs 13,686 crore, doubling from Rs 6,611 crore.
Employee benefit expenses increased to Rs 327 crore, up 2.68 times from Rs 122 crore.
The company's EBITDA margin was 6.31% and ROCE (return on capital employed) was 9.28%.
OfBusiness spent Rs 0.98 for every rupee of operating revenue.

OfBusiness is a unicorn valued at $5 billion after a $325 million Series G in December 2021.
Its lending arm Oxyzo also reported strong growth: PAT (profit after tax) of Rs 197 crore, up 2.8 times, and revenue of Rs 570 crore.
The results show the company is scaling rapidly while maintaining profitability.
Competitors like Moglix reported Rs 4,595 crore revenue in FY23, up 83%.

OfBusiness is a B2B commerce platform that supplies raw materials such as steel, non-ferrous metals, petrochemicals, polymers, industrial chemicals, agri products, and building materials.
Its business segments: trading (82% of GMV), manufacturing (25% of collections), and financial services and other activities.
The platform claims 1 million+ orders delivered, 1.5 million+ SMEs empowered, presence in 26 states in India, and service to 70+ countries.
It offers tech products: BidAssist (tender discovery platform with 1 million+ registered users), SME assist (business OS for SMEs), and Ved (live pricing and news in multiple languages).
The company is eight years old as of October 2023 and headquartered in Gurugram.

SoftBank (existing) — SoftBank Vision Fund 2 led the $160 million round in July 2021 that gave OfBusiness unicorn status.

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

Ola Electric raises ₹3,200 crore from Temasek and SBI26 October 2023 · Funding · ₹3,200 Cr