What is OfBusiness and how does it make money?

OfBusiness (OFB Tech) is a B2B platform that helps SMEs procure raw materials like steel, chemicals, polymers, and agricultural commodities at competitive prices. It earns through procurement margins and via its lending arm Oxyzo, which provides working capital loans to SME buyers on its platform.

What is Oxyzo and how is it related to OfBusiness?

Oxyzo Financial Services is the NBFC lending arm of OfBusiness that provides working capital and invoice financing to SMEs. Oxyzo raised $200 million at a $1 billion+ valuation and has been consistently profitable, making it a key value driver within the OfBusiness ecosystem.

Who founded OfBusiness?

OfBusiness was founded in 2015 by Asish Mohapatra (CEO), Bhuvan Gupta, Vasant Sridhar, Ruchi Kalra (CEO of Oxyzo), and Nitin Jain. The founders are predominantly IIT and IIM alumni with backgrounds in consulting, finance, and technology.

What is OfBusiness's valuation?

OfBusiness was valued at approximately $5 billion in its last funding round, making it one of India's highest-valued B2B unicorns. Including Oxyzo's separate $1 billion+ valuation, the combined enterprise value exceeds $5 billion.

Is OfBusiness planning an IPO?

OfBusiness has been consistently mentioned as an IPO candidate. Oxyzo has also been separately evaluated for a public listing. However, as of 2025, the IPO had not been executed and the timeline remains subject to market conditions.

What commodities does OfBusiness deal in?

OfBusiness procures and trades a wide range of industrial raw materials including steel and steel products, chemicals, polymers (plastics), agricultural commodities (agri inputs), and construction materials for its SME buyer base.

How do I buy OfBusiness unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for OfBusiness?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell OfBusiness shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

OfBusiness Unlisted Share Price | Buy OfBusiness Pre-IPO Shares — wisefolio

Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

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OfBusiness Unlisted Share Price | Buy OfBusiness Pre-IPO Shares — wisefolio | wisefolio

Investment Thesis

OfBusiness (OFB Tech) is India's leading B2B raw material procurement platform and a fintech unicorn, combining high-volume commodity trading with high-margin SME lending through Oxyzo. With revenues exceeding Rs 20,000 crore, a $5 billion+ valuation, and a deeply synergistic dual business model, OfBusiness is one of the most compelling unlisted investment stories in India. The company is on a clear path toward a landmark IPO that would cement its position as a cornerstone of India's B2B digital economy. Key risks include SME credit quality, commodity price volatility, and regulatory changes affecting Oxyzo.

Pros

One of India's largest B2B raw material procurement platforms with GMV exceeding $5 billion annually
Dual business model combining high-volume commodity procurement with high-margin SME lending (Oxyzo)
Oxyzo Financial Services (lending arm) successfully completed a $200 million IPO-grade fundraise and is profitable
Strong and experienced founding team with IIT/IIM backgrounds and prior experience at McKinsey, CRISIL, and Capital One
Valued at over $5 billion making it one of India's most valuable B2B unicorns
Serves a massive and underpenetrated market: India's 63 million+ SME sector
Cross-selling synergy between procurement and lending creates a sticky ecosystem for SME customers
Revenue exceeds Rs 20,000 crore, demonstrating large-scale operations
Oxyzo has received NBFC license and maintained strong asset quality metrics
Backed by marquee investors including SoftBank, Matrix Partners, Tiger Global, and Norwest Venture Partners

Cons

B2B commodity trading business operates at thin margins requiring massive volumes
Significant working capital requirements to fund procurement operations
Lending business (Oxyzo) carries credit risk from SME borrowers who are inherently high-risk
Competitive pressure from Amazon Business, IndiaMART, and sector-specific B2B marketplaces
IPO has been anticipated but not yet executed, leaving early investors without a clear exit timeline
Dependence on commodity price stability — significant price volatility can impact procurement margins
Business model complexity: managing procurement, logistics, and financial services simultaneously

Business Segments

B2B Raw Material Procurement

Technology-enabled platform for SMEs to procure steel, chemicals, polymers, agri inputs and other industrial raw materials at competitive prices with efficient logistics

Oxyzo Financial Services (SME Lending)

NBFC arm providing working capital loans, invoice discounting, and supply chain financing to SME buyers on the OfBusiness platform and beyond

Revenue Model

Dual revenue model: (1) Procurement business: margin on B2B commodity trading at scale — buy from manufacturers/suppliers and sell to SMEs with logistics and credit enablement; (2) Oxyzo lending: interest income and fee income from working capital loans, invoice financing, and supply chain credit to SMEs. The two businesses are deeply synergistic — procurement data informs credit underwriting for Oxyzo.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds20

Growth Plans

India's SME formalisation post-GST creating a larger addressable market for tech-enabled procurement

Oxyzo loan book expansion supported by India's growing SME credit gap (estimated $250 billion+)

PLI scheme-driven manufacturing growth increasing industrial raw material procurement volumes

China+1 strategy driving new manufacturing investments in India, boosting B2B supply chain activity

Recent Developments

Revenue Scale and Profitability

OfBusiness reported revenues exceeding Rs 20,000 crore with improving profitability metrics, driven by both procurement scale and Oxyzo's growing loan book.

2024-08

Oxyzo Loan Book Growth

Oxyzo's loan book crossed Rs 5,000 crore with strong asset quality and consistently low NPA ratios, positioning it as one of India's most successful SME-focused NBFCs.

2024-05

IPO Preparations

OfBusiness continued pre-IPO preparations, engaging investment banks and auditors for a potential public listing that would be one of India's largest B2B tech IPOs.

2024-03

Comparable Companies

CompanyTypeTickerMkt Cap

MoglixListedUnlisted$2.6 billion (last valuation)

Zetwerk ManufacturingListedUnlisted$2.7 billion (last valuation)

UdaanListedUnlisted$1.8 billion (last valuation)

IndiaMART InterMESHListedINDIAMARTMid Cap (Listed)

Frequently Asked Questions

About OfBusiness

OfBusiness (OFB Tech Private Limited) is India's largest tech-enabled B2B commerce and fintech platform, valued at approximately $5 billion as of its latest funding rounds. Founded in 2015 and headquartered in Gurugram, Haryana, OfBusiness has built a transformative platform that integrates raw material procurement, value-added processing, and working capital financing for small and medium enterprises (SMEs) in India's core industrial sectors including steel, construction, chemicals, polymers, agri-commodities, and cement. The company operates at the intersection of commerce and finance, providing SMEs with seamless access to quality raw materials and the working capital credit needed to procure them. This dual-offering has created a deep value proposition for India's 65 million-strong SME ecosystem, which has historically faced challenges in both procurement reliability and credit access. OfBusiness has raised over $776 million in total funding from marquee investors including SoftBank Vision Fund II, Tiger Global Management, Alpha Wave Global, Falcon Edge Capital, and Creation Investments. The company achieved unicorn status and subsequently doubled its valuation from $1.5 billion to $3 billion in a $200 million Series F round in September 2021, before reaching a $5 billion valuation in December 2021 through a $325 million round. Revenue performance has been exceptional. OFB Tech Limited generated revenue of Rs 22,500 crore ($2.7 billion) for FY2025, establishing OfBusiness as one of India's highest-revenue new-age technology companies. The company operates with thin margins typical of trading businesses, but derives value through the combination of commerce and embedded fintech services. OfBusiness' fintech arm provides collateral-free working capital loans to SME clients, with underwriting powered by transactional data from the platform. This data-driven credit approach enables loans at scale without traditional collateral requirements, solving a critical pain point for India's SMEs that are often excluded from formal bank credit. The company has filed DRHP with SEBI and appointed bankers including Axis Capital, Morgan Stanley, JPMorgan, Citigroup, and Bank of America for a planned IPO targeting a $200 million fresh issue plus approximately $800 million OFS, at a target valuation of $6-9 billion. The company has converted to a public limited structure (OFB Tech Ltd), signaling near-term listing readiness.

Key Milestones

Common questions about unlisted shares

How do I buy OfBusiness unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?
Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

Risk factors & red flagsInvestment risks and items flagged from public filings11

Financial PerformanceLow

Very thin trading margins (OPBDITA 1.4-2%) typical of commodity trading expose profitability to volume fluctuations

Source: Company Financial Filings

Regulatory / LegalMedium

Complex multi-product model (commerce + fintech) creates operational complexity and regulatory oversight

Source: Regulatory Filings

Financial PerformanceLow

IPO valuation expectations of $6-9 billion require significant revenue and profitability growth to justify

Source: Company Financial Filings

Financial PerformanceLow

Net profit margin is thin at 3.1% (FY2024) — limited buffer against revenue or cost shocks

Source: Financial data

Credit Risk

Oxyzo's SME lending portfolio is inherently higher risk than corporate lending. Any deterioration in SME repayment capacity due to economic slowdown could increase NPAs and impair profitability.

Commodity Price Risk

OfBusiness's procurement business is exposed to commodity price volatility in steel, chemicals, and polymers. Sharp price movements can impact inventory valuations and trading margins.

Competition Risk

Faces competition from Amazon Business, Moglix, Zetwerk, IndiaMART, and sector-specific B2B platforms, as well as traditional commodity traders who are increasingly digitising.

Working Capital Risk

Large-scale commodity procurement requires significant working capital. Any tightening of credit markets or increase in borrowing costs could pressure the procurement business.

Regulatory Risk

Oxyzo as an NBFC is subject to RBI regulations. Tightening of NBFC norms (as seen in 2023-24) around capital adequacy, provisioning, and loan classification could impact Oxyzo's operations.

Technology & Cybersecurity Risk

As a technology platform handling large transaction volumes and sensitive financial data, OfBusiness faces risks from cybersecurity threats and technology failures.

IPO Execution Risk

Delayed or cancelled IPO could frustrate investor exit expectations, potentially impacting employee morale and future fundraising ability.

OFB Tech Private Limited

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