Total expenses grew to Rs 18,695.75 crore in FY24 from Rs 15,037.46 crore a year ago. A significant amount of the expenditure was attributed to the purchase of stock-in-trade amounting to Rs 13,339.64 crore. The cost of materials consumed increased to Rs 3,595.39 crore from Rs 2,719.67 crore in FY23.
Employee stock ownership plan (ESOP) expenses for the year stood at Rs 32 crore, unchanged from the previous year.
Founded 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.
Acquisitions are a key component of the company’s growth strategy. Last October, ET reported that Ofbusiness had acquired 19 companies and aimed to increase this number to 25 by the end of FY24. These include smaller businesses operating in areas such as agricultural produce, steel products, metals and manufacturing.
ET reported earlier that Oxyzo, the lending arm of OfBusiness, posted Rs 903 crore in operating revenue for FY24, up 59% on year. The Gurugram-based financial services company’s net profit rose 47% to Rs 290 crore, from Rs 197 crore in FY23.
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Oxyzo was spun out in March 2022 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. OfBusiness owns around 70% stake in Oxyzo, which is run by Kalra.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. OfBusiness was also the Startup of the Year at the Economic Times Startup Awards 2023.