Announcing his departure in a LinkedIn post, Jain said, “It’s an emotional moment to announce this: after a decade built on nothing but grit, relentless ambition, and sheer will, I am moving on from OfBusiness, Oxyzo”.
Jain, along with Asish Mohapatra, Ruchi Kalra, Vasant Sridhar and Bhuvan Gupta, had started OfBusiness in 2015. The company offers a diverse range of products such as steel, non-ferrous metals, chemicals, agricultural products, polymers, energy commodities, textiles, construction materials and leather.
On his next move, Jain, an alumnus of IIT Delhi, wrote on LinkedIn that he will start something on the lines of manufacturing.
Interestingly, Jain had planned a departure from the company last year and had even stepped down as CBO, before rejoining the post even as he was holding negotiations with investors to raise funding for his new venture.
The Gurugram-headquartered company had posted a 25.7% rise in operating revenue to Rs 19,296.27 crore for the financial year ended March 31, 2024. The company’s consolidated net profit had also increased by 30% to Rs 602.97 crore from Rs 463.25 crore a year ago. It is yet to post its financials for fiscal 2025.
OfBusiness last raised funding in December 2021, raising $325 million in a funding round led by Alpha Wave Global, Tiger Global and SoftBank Vision Fund. The round had valued the company at $5 billion.
In October last year, ET reported that the company closed a secondary transaction that valued it around $4 billion. Through this deal, early investors including Zodius Capital and Z47 scored full or partial exits from OfBusiness. It had raised Rs 100 crore from venture capital firm Cornerstone Ventures in April this year.