Total expenses ballooned to Rs 15,037 crore in FY23 from 6,993 crore in FY22. A significant amount of the expenditure was attributed to the purchase of stock-in-trade amounting to Rs 11,233 crore.
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The overall earnings before interest, taxes, depreciation, and amortisation (EBITDA) doubled to 988 crore after a non-cash employee stock ownership plan (ESOP) expense of Rs 33 crore.
ETtechFounded in 2015 by Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta and Nitin Jain, OfBusiness serves as a marketplace for small and medium enterprises. It offers a diverse range of products, such as steel, non-ferrous metals, chemicals, agricultural products, polymers, energy commodities, textiles, construction materials and leather.
OfBusiness’ financing platform, Oxyzo, closed at around Rs 5,000 crore in assets under management (AUM) for FY23 and has recently expanded its services to various fee income opportunities.
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As of March 31, OfBusiness’s cash assets stood at Rs 371.48 crore, down from Rs 771.12 crore on March 31, 2022. Meanwhile, its current borrowings increased to Rs 3,513.68 crore by the end of FY23, from Rs 1,690.68 crore at the end of FY22.
“Going forward, as India is expanding rapidly in manufacturing and infrastructure, OfBusiness aspires to consolidate its leadership position in B2B by expanding its global footprint and going deeper into its supply chains through recent investments,” said Mohapatra, chief executive of the Gurugram-based company.
Incidentally, OfBusiness was the Startup of the Year at the Economic Times Startup Awards 2023.
Acquisitions have become a significant part of the company’s growth strategy. Till date, it has acquired 19 companies and plans to raise the count to 25 by the end of the current fiscal year. These include smaller businesses operating in areas such as agricultural produce, steel products, metals, and manufacturing.
Mohapatra had earlier told ET that through these acquisitions, the company was looking to add forward and backward linkages to the B2B supply business. The acquisitions will help the company lock in suppliers in some of the categories it operates in.
On October 5, ET reported that OfBusiness’s IPO, which was initially slated for the latter part of this year, has now been pushed to December 2024-January 2025. The listing of its lending business, Oxyzo, will happen a year following the OfBusiness offering.
OfBusiness last raised funding in December 2021, when it got cheques for $325 million in its Series G round, which was led by Alpha Wave Global, Tiger Global and SoftBank Vision Fund. The round had valued the company at $5 billion.
While Kalra leads Oxyzo, Sridhar also spends time in running the financial services unit. and raised its first external funding of $200 million from Tiger Global, Alpha Wave Global and Matrix Partners India at a valuation of over $1 billion. According to Tracxn, OfBusiness holds a stake of over 70% in Oxyzo.