What is Oxyzo Financial Services and how is it related to OfBusiness?

Oxyzo Financial Services Limited is the NBFC arm of the OfBusiness Group. While OfBusiness operates a B2B raw material procurement platform for SMEs, Oxyzo provides working capital loans, invoice discounting, and supply chain financing to the same SME customers. The two entities are deeply integrated — OfBusiness transaction data helps Oxyzo underwrite credit more accurately.

Yes. Oxyzo Financial Services achieved unicorn status with a valuation of approximately $1 billion. It raised capital from marquee investors and is one of India's few profitable fintech unicorns.

Who are the founders of Oxyzo Financial Services?

Oxyzo was co-founded by Asish Mohapatra and Ruchi Kalra, who are also co-founders of the broader OfBusiness Group. Ruchi Kalra serves as CEO of Oxyzo. Both are IIT/IIM alumni with backgrounds in consulting and finance.

What types of loans does Oxyzo offer?

Oxyzo offers working capital loans, invoice discounting, supply chain financing, and term loans primarily to small and medium enterprises (SMEs) in manufacturing, construction, chemicals, and industrial sectors.

Is Oxyzo registered with RBI?

Yes. Oxyzo Financial Services Limited is a registered Non-Banking Financial Company (NBFC) regulated by the Reserve Bank of India.

How do I buy Oxyzo Financial Services 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 Oxyzo Financial Services?

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 Oxyzo Financial Services 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.

Oxyzo Financial Services Unlisted Share Price | Buy Oxyzo Financial Services 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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Oxyzo Financial Services Unlisted Share Price | Buy Oxyzo Financial Services Pre-IPO Shares — wisefolio | wisefolio

Investment Thesis

Oxyzo Financial Services is among India's most compelling unlisted fintech investments — a profitable NBFC unicorn backed by the OfBusiness ecosystem, with a technology-driven credit moat and exposure to India's massive SME credit gap. The combination of early profitability, institutional investor backing, and a likely IPO pathway make it a high-quality but high-priced unlisted opportunity. Investors must be comfortable with NBFC regulatory risk and SME credit cycle risk.

Pros

Achieved unicorn status (~$1 billion valuation) — one of very few Indian NBFCs to reach this milestone as an unlisted entity
Profitable fintech NBFC — achieved profitability early in its lifecycle, a rare feat among Indian fintech startups
Strong synergy with parent OfBusiness — access to a large, pre-qualified SME borrower base through the B2B commerce platform
Technology-first credit underwriting model using proprietary data from OfBusiness transactions reduces default risk
Diversified funding lines including bank borrowings, NCDs, and institutional credit facilities enhance financial stability

Cons

Highly concentrated borrower base in manufacturing and industrial SMEs — vulnerable to sectoral downturns
NBFC regulatory environment is tightening; RBI's increased scrutiny on co-lending and digital lending norms poses compliance risks
No public listing yet; liquidity for investors is limited to thin unlisted market transactions
Asset quality deterioration in SME lending is difficult to predict during economic stress cycles
Heavy dependence on parent OfBusiness ecosystem for deal flow creates concentration risk

Business Segments

Working Capital Loans

Short-term working capital financing for SMEs to bridge cash flow gaps in procurement and operations cycles

Invoice Discounting & Supply Chain Finance

Financing against trade invoices and purchase orders, enabling SMEs to receive early payment on receivables

Term Loans

Medium to long-term financing for business expansion, equipment purchase, and capex requirements of SMEs

Revenue Model

Oxyzo generates revenue primarily through net interest income (NII) — the spread between the interest rate charged to SME borrowers (typically 14–22% p.a.) and its cost of borrowing from banks and capital markets. Secondary revenue streams include processing fees, prepayment charges, and co-lending fee income from partner banks. The embedded distribution advantage from OfBusiness's SME client base allows Oxyzo to acquire borrowers at near-zero customer acquisition cost.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds13

Growth Plans

India's $300–400 billion SME credit gap provides massive long-term addressable market

Potential IPO listing providing significant liquidity event for existing investors

Deepening integration with OfBusiness's growing B2B commerce platform expanding borrower funnel

Co-lending partnerships with banks enabling higher AUM without proportional capital deployment

Recent Developments

Unicorn status achieved

Oxyzo raised a funding round that valued the company at approximately $1 billion, making it one of India's few profitable fintech unicorns. The round saw participation from existing and new institutional investors.

2022-03

AUM expansion and geographic diversification

Oxyzo expanded its lending operations beyond its initial industrial SME base, entering new sectors and geographies to reduce concentration risk and grow its loan book.

2023-09

Continued profitability amid NBFC sector headwinds

Despite RBI's tightening of NBFC regulations and increased scrutiny on digital lending, Oxyzo maintained its profitability track record — a differentiator from most fintech peers.

2024-06

Comparable Companies

CompanyTypeTickerMkt Cap

Ugro Capital LimitedListedUGROCAP~₹2,500 Cr (listed)

Five-Star Business Finance LimitedListedFIVESTAR~₹14,000 Cr (listed)

Aye Finance Private LimitedListedUnlisted~₹2,000–3,000 Cr (estimated)

Ugro Capital LimitedListed

UGROCAP · ~₹2,500 Cr (listed)

Group Structure (5 entities)

EntityExtentReason

Oxyzo Financial Services Pvt LtdFullParent

Oxy B Securities Pvt LtdFullSubsidiary

Oxy Ventures Pvt LtdFullSubsidiary

Oxyzo Investment Manager Pvt LtdFullSubsidiary

Zeil Financial Technologies Pvt LtdFullSubsidiary

Oxyzo Financial Services Pvt LtdFull

Parent

Oxy B Securities Pvt LtdFull

Frequently Asked Questions

About Oxyzo Financial Services

Oxyzo Financial Services Limited is a Gurugram-based, RBI-registered NBFC (Non-Banking Financial Company) that provides technology-enabled financing solutions to small and medium enterprises (SMEs) in India's manufacturing, sub-contracting, and services sectors. The company was founded in 2016 by Ruchi Kalra, Bhuvan Gupta, and Asish Mohapatra — all former investment banking professionals — and achieved unicorn status in 2022, just six years after founding, when it raised a Series A round at a valuation of $1 billion. Oxyzo emerged from the OfBusiness ecosystem, a B2B raw material procurement platform, and was designed specifically to address the massive credit gap facing India's manufacturing SMEs. By embedding itself in the procurement workflow of OfBusiness's platform, Oxyzo gained unique data access and transaction visibility that allows it to underwrite SME credit risk more accurately than traditional lenders. The company's loan book stood at approximately Rs.6,850 crore as of September 30, 2024, comprising business loans (56%) and purchase financing (44%). Oxyzo reported a Profit After Tax (PAT) of Rs.167 crore on total income of Rs.527 crore in H1 FY2025, reflecting strong profitability. ICRA has assigned an [ICRA]A+ (Stable) rating to the company's debt instruments, a high rating for an NBFC of this vintage. Oxyzo's business model is differentiated by its technology-first approach to credit underwriting. Rather than relying solely on traditional credit bureau scores and financial statements, Oxyzo leverages transaction data from OfBusiness's procurement platform to assess SME creditworthiness in real time. This gives it a significant information advantage over traditional bank and NBFC lenders. The company has raised $273.93 million in total funding, with investors including Norwest Venture Partners, Tiger Global Management, and Creation Investments. It is considered one of India's most promising fintech companies in the B2B embedded finance space and is widely expected to pursue an IPO in the medium term.

Key Milestones

Common questions about unlisted shares

How do I buy Oxyzo Financial Services 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?

Rating drivers & sensitivityFrom CRISIL's rating rationale — rates debt servicing, not share value14

Key Strengths

Strong capitalisation metrics Capitalisation metrics remain strong with networth of Rs 3,214 crore as on December 31, 2025 (Rs 2,943 crore as on March 31, 2025), supported by healthy accrual and capital infusion done by the parent, OFB Tech Pvt Ltd (OFB Tech) and other private equity players in the past.

The company has raised about Rs 1,962 crore, with ~Rs 1,528 crore being raised between March 2022 to September 2022 from private equity players like Norwest venture partners, Creation Investments India, Tiger global, Alpha Wave ventures and Matrix Partners India.

Gearing was also comfortable at 2.2 times as on December 31, 2025, and 2 times as on March 31, 2025, respectively.

It is expected to remain under 4 times on a steady state basis.

Crisil Ratings expects gearing to be maintained supported by regular capital raise and accretion of profit thus providing a cushion against asset-side risks.

Key Weaknesses

Inherent vulnerability of the asset quality metrics for the unsecured lending portfolio As on December 31, 2025, around 36% of the AUM comprised of unsecured loans.

This proportion has increased from 34% in fiscal 2025 and 31% in fiscal 2024.

Given that the scale up of this portfolio has happened during last three years, the asset quality within these segments remain monitorable over the medium term.

Consequently, the GNPA slightly moderated from 0.9% as on March 31, 2024, to 1.1% as on March 31, 2025, and 1% as on December 31, 2025.

Furthermore, the static pools for recently scaled segments like micro enterprises have not seen peak yet.

Upward Factors

up in operations with healthy earnings and capitalisation metrics

Downward Factors

Any adverse movement in asset quality with GNPA increasing beyond 4% and earnings profile of the group getting impacted

Significant reduction in share of secured assets under management to overall portfolio

Stress in capitalisation metrics with significant jump in adjusted gearing while scaling up the portfolio

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