Results · Commerce & Consumer Brands

OfBusiness reports higher profit despite revenue dip

By Startup Enthusiast · 21 September 2026

What they do

OfBusiness supplies raw materials and credit to SMEs across metals, chemicals, apparel and food processing

FY26 revenue fell 7% to Rs 20,645 crore but profit after tax rose 21% to Rs 724 crore

The company plans to file for an IPO in 2-3 months after deferring earlier plans

OfBusiness reported FY26 consolidated revenue of Rs 20,645 crore, down 7% from Rs 22,241 crore in FY25.
Profit after tax rose 21% to Rs 724 crore from Rs 597 crore in FY25.
Net profit margin improved to 3.5% from 2.7% in FY25.
The commerce unit revenue was virtually flat at Rs 19,174 crore after adjusting for discontinued operations.
Commerce unit EBITDA grew 34% to Rs 769 crore from Rs 575 crore in FY25.
Revenue decline was due to exit from low-return categories ahead of an IPO.
The company plans to file for an IPO in 2-3 months (as of 29 Jul 2026).

OfBusiness had earlier targeted a $750M-$1B IPO in H2 2025 and converted to a public company in Jan 2025, but filing was deferred.
Operating cash flow from commerce rose to Rs 1,302 crore from Rs 715 crore in FY25.
Free cash flow turned positive at Rs 390 crore.
Consolidated net worth stood at Rs 10,300 crore and liquidity exceeded Rs 2,000 crore.

OfBusiness supplies raw materials (metals, chemicals, apparel, food processing) to SMEs and finances them via its lending arm Oxyzo.
It manufactures about 45% of the products it sells.
Its tender-intelligence platform BidAssist has over 1.5 million users and aggregates more than 50,000 live tenders daily.
The workforce exceeds 30,000, doubled over the year due to apparel operations expansion in south India.
Website claims: 1M+ orders delivered, 1.5M+ SMEs empowered, PAN India reach, and 70+ countries served.

Alpha Wave Global (lead)
Tiger Global (participated)
SoftBank Vision Fund (participated)
Zodius Capital (existing) — Earned >$100M on initial $8M investment in late 2016 (reported Oct 2024).
Z47 (existing)
Norwest Venture Partners (existing)
Creation Investments (existing)

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