Results · Commerce & Consumer Brands

OfBusiness exports double, revenue dips 7% in FY26

By Startup Enthusiast · 29 July 2026

What they do

OfBusiness is a technology-led supply chain and financing platform for small businesses

Exports more than doubled to over ₹2,500 crore in FY26, while consolidated revenue fell 7% to ₹20,645 crore

Global buyers diversifying from China and the India-UK trade deal boosted export growth

OfBusiness reported its FY26 results, showing exports more than doubled to over ₹2,500 crore, accounting for 12% of consolidated revenue.
Consolidated revenue fell 7% year-on-year to ₹20,645 crore, while commerce revenue remained largely flat after adjusting for discontinued operations.
Consolidated profit after tax rose 21% to ₹724 crore from ₹597 crore in FY25.
Commerce EBITDA grew 39% to ₹769 crore, and its margin improved to 4% from 2.6%.
Commerce operating cash flow surged 82% to ₹1,302 crore, and free cash flow to firm turned positive at ₹390 crore.
Oxyzo Financial Services, its lending arm, reported an asset base of about ₹11,800 crore, up 28% year-on-year, and net profit of ₹375.5 crore, up 11%.
Employee count crossed 30,000 in FY26, nearly double from FY25, driven by apparel manufacturing expansion in South India.
BidAssist, its tender aggregation platform, crossed 1.5 million users and aggregates over 50,000 live tenders daily.

Export growth was driven by apparel and food processing businesses, as global buyers diversify sourcing away from China.
The India-UK Comprehensive Economic and Trade Agreement, effective July 15, 2026, removed tariffs on nearly 99% of Indian export lines, including textiles and apparel.
OfBusiness is preparing for an IPO targeting a raise of $750 million to $1 billion at a valuation between $6-9 billion, though the timeline has been deferred after conversion to a public company.
Cofounder and CBO Nitin Jain exited in December 2025 to work on a new venture.

OfBusiness provides raw material procurement and financing solutions to SMEs in manufacturing and infrastructure sectors via an ecommerce marketplace.
It operates in metals, chemicals, apparel, and food processing.
It has sourcing offices in the US and London, and is expanding sourcing and manufacturing capacity in Bangladesh.
Domestic manufacturing footprint spans Haryana, Andhra Pradesh, Karnataka, Tamil Nadu, and Madhya Pradesh.
In apparel, it supplies seven of the world's top 10 apparel retailers.
It began exporting bulk chemicals to South Asia and the Middle East at the end of FY26.
BidAssist uses AI to match tenders with business profiles and serves as a customer acquisition channel for OfBusiness's commerce and financing businesses.
Oxyzo Financial Services had an AUM of about ₹11,800 crore in FY26, with a GNPA ratio of 0.75% and RoA of 3.8%.
OfBusiness has raised close to $900 million in private capital from investors including SoftBank, Z47, Tiger Global, and Alpha Wave.

Food processing exports are expected to double again in FY27.
FY27 will be a pivotal year as returns from prior investments play out.
OfBusiness is preparing for an IPO targeting a raise of $750 million to $1 billion at a valuation between $6-9 billion.

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