Results · Commerce & Consumer Brands

OfBusiness posts 26% revenue growth in FY24

What they do

OfBusiness helps SMEs buy raw materials and get credit

Revenue rose 25.8% to Rs 19,296 crore and profit grew 30.2% to Rs 603 crore in FY24

EBITDA margin improved to 7.44% and expense per rupee of revenue fell to Rs 0.97

OfBusiness reported FY24 financial results with revenue of Rs 19,296 crore, up 25.8% from Rs 15,343 crore in FY23.
Profit after tax rose 30.2% to Rs 603 crore from Rs 463 crore in the previous year.
Total revenue including interest and other financial income was Rs 19,529 crore.
Total expenditure increased 24.3% to Rs 18,696 crore, driven by cost of goods purchased which was Rs 16,543 crore (88.5% of expenses).
EBITDA margin improved to 7.44% from 6.30% in FY23.
Return on capital employed (ROCE) stood at 12.23%, up from 9.28% in FY23.
Expense per rupee of operating revenue fell to Rs 0.97 from Rs 0.98 in FY23.
ESOP expenses remained flat at Rs 32 crore.

OfBusiness competes with Zetwerk, Infra.market, and Moglix in the B2B procurement space.
Zetwerk reported FY23 GMV of Rs 11,449 crore, Infra.market gross revenue of Rs 11,846 crore, and Moglix gross revenue of Rs 4,500 crore.
The company has raised about $650 million to date, including a $325 million Series G in December 2021 at a $5 billion valuation.
Largest external stakeholder is Alpha Wave with 19.16%, followed by Creation Investment and Matrix Partners.

OfBusiness is a B2B platform for raw materials procurement, revenue opportunities, and credit for SMEs.
It serves categories: metals (ferrous and non-ferrous), chemicals (industrial, specialty, agrochemicals, bitumen, lubricants, polymers, coal), apparel (garments, accessories, footwear), and food processing (processed foods, oil seeds, pulses, vegetables, plant extracts, bulk foods, dry fruits).
It has over 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.
It has 4 in-house brands in metals, 4 in chemicals, and 4 in food processing.
It has delivered over 1 million orders and empowered over 1.5 million SMEs.
It has a PAN India presence across 26 states and serves over 70 countries.
It also offers BidAssist, a tool for government procurement opportunities with 2,000+ tender sources and 13,000+ daily tenders.
It claims to have touched over 1 billion lives.

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