Is OfBusiness profitable?

Yes. OfBusiness reported FY24 (year ended March 2024) consolidated net profit of ₹603 crore, up 30% year on year from ₹463 crore in FY23, on operating revenue of ₹19,296 crore, making it one of the few profitable Indian unicorns at scale, per July 2024 reporting.

Is OfBusiness going public soon?

Not yet. An IPO was targeted for H2 2025 at a $6B to $9B valuation, but as of July 2026 it has not occurred. Instead, investor Z47 launched a fresh roughly $200M pre-IPO secondary sale via Kotak Mahindra Capital in June 2026 for price discovery.

OfBusiness is privately held. As of mid-2025 its cap table showed about 33 shareholders, with Alpha Wave Global holding the largest single stake at roughly 16.3%, founders collectively around 27.2%, and investors overall around 69%.

Who is OfBusiness's biggest competitor?

Udaan is the closest broad B2B marketplace rival but was reported under financial distress in 2025-26, while OfBusiness stayed profitable with a narrower vertical plus financing model. Other peers, Infra.Market, Moglix, and Zetwerk, occupy adjacent, largely non-overlapping niches.

Could AI replace OfBusiness?

Not its core business. OfBusiness's moat is regulated NBFC lending through Oxyzo and physical commodity trading infrastructure, neither replicable by generic AI. Its newer Nexizo.AI discovery and lead-scoring layer, launched January 2025, is more exposed to AI commoditization.

What does Oxyzo, OfBusiness's lending arm, contribute?

Oxyzo Financial Services, OfBusiness's NBFC lending subsidiary, grew operating revenue 34% to ₹1,207 crore in FY25 (ended March 2025), from ₹903 crore in FY24, with net profit of about ₹340 crore, up roughly 17% year on year, per May 2025 reporting.

India · India

OfBusiness

B2B marketplace for raw materials plus an NBFC (Oxyzo) that lends to the same SME buyers.

Hard to displace

Assessed 29 July 2026 · Evidence as of 29 July 2026

Strong structural protection; the business model survives ai pressure.

On the recordSince 29 July 2026 · Checkable from H2 2026 · Every call on the record Checkpoint: IPO decision after the ~$200M Z47 pre-IPO secondary via Kotak, first targeted H2 2025 and still pending

The call

Profitable trading and lending business stuck at a $5B valuation since December 2021 while insiders sell secondaries and the IPO keeps slipping.

OfBusiness runs a online marketplace where small businesses buy supplies and materials from sellers, combined with a lending arm that gives them loans based on their purchase history. It is hard to copy because it has a government license to lend money, keeps its own balance sheet of capital, and knows each buyer's real transaction records, which big banks and general websites do not have. The catch is that the company has been trying to go public since 2025 but has not yet, and its early investors have been selling their shares quietly at prices that suggest the company is worth about the same as it was five years ago, which raises questions about whether growth is truly happening or if the business is stuck.

Why

AI pressure: Generic AI sourcing and lead-scoring agents (Nexizo.AI's own category). AI can copy buyer-supplier matching and lead scoring, but not the NBFC license or the trading book behind it. Could AI do the core job? Unlikely.

Bigger players: Well-capitalized rival NBFCs or large steel producers building their own procurement plus credit stack. No competing procurement-plus-credit stack has shipped and taken share yet; banks avoid this SME segment on margin. Could a giant copy it? No, they are blocked.

What protects it. NBFC license, transaction-level underwriting data, and physical trading infrastructure that AI or a directory site cannot copy.

What would change this call

Whether OfBusiness formally files for or completes its IPO by end of 2026. Shows whether the repeatedly delayed IPO and flat valuation are resolving or deepening.
Whether further insider secondaries price OfBusiness above or below the $5B Dec 2021 mark. Indicates if investor confidence and valuation are rising or stagnant/declining.
Any RBI rule change tightening NBFC or SME-credit lending norms. Would test whether Oxyzo's high-margin lending arm faces regulatory margin compression.

Key numbers

FY24 revenue Rs 19,296 crore, up 25.7% YoY (2024-03-31)
FY24 net profit Rs 603 crore, up 30% YoY (2024-03-31)
Oxyzo FY25 revenue Rs 1,207 crore, PAT Rs 340 crore (2025-03-31)

Named risks

IPO repeatedly delayed past H2 2025 target, valuation flat near $5B since December 2021. Severity: high
RBI regulatory tightening on NBFC or SME credit could compress Oxyzo's high-margin lending revenue. Severity: medium
Nexizo.AI monetization model still being iterated as of March 2025, revenue path unproven. Severity: medium
Headcount figures conflict sharply across trackers (1,144 vs 290), obscuring true company scale. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Udaan	gaining on	Udaan reported under financial distress in 2025-26 while OfBusiness stayed profitable (2026-07-26)
IndiaMART	contesting	IndiaMART is a listed directory not competitive on embedded credit plus trading, differentiated segment
Infra.Market, Moglix, Zetwerk	contesting	Peers narrowed to non-overlapping verticals (construction, MRO, contract manufacturing) by 2026
Traditional banks	gaining on	Banks structurally lack transaction-level SME underwriting data OfBusiness has built over a decade

Questions people ask

Is OfBusiness profitable?: Yes. OfBusiness reported FY24 (year ended March 2024) consolidated net profit of ₹603 crore, up 30% year on year from ₹463 crore in FY23, on operating revenue of ₹19,296 crore, making it one of the few profitable Indian unicorns at scale, per July 2024 reporting.
Is OfBusiness going public soon?: Not yet. An IPO was targeted for H2 2025 at a $6B to $9B valuation, but as of July 2026 it has not occurred. Instead, investor Z47 launched a fresh roughly $200M pre-IPO secondary sale via Kotak Mahindra Capital in June 2026 for price discovery.
Who owns OfBusiness?: OfBusiness is privately held. As of mid-2025 its cap table showed about 33 shareholders, with Alpha Wave Global holding the largest single stake at roughly 16.3%, founders collectively around 27.2%, and investors overall around 69%.
Who is OfBusiness's biggest competitor?: Udaan is the closest broad B2B marketplace rival but was reported under financial distress in 2025-26, while OfBusiness stayed profitable with a narrower vertical plus financing model. Other peers, Infra.Market, Moglix, and Zetwerk, occupy adjacent, largely non-overlapping niches.
Could AI replace OfBusiness?: Not its core business. OfBusiness's moat is regulated NBFC lending through Oxyzo and physical commodity trading infrastructure, neither replicable by generic AI. Its newer Nexizo.AI discovery and lead-scoring layer, launched January 2025, is more exposed to AI commoditization.
What does Oxyzo, OfBusiness's lending arm, contribute?: Oxyzo Financial Services, OfBusiness's NBFC lending subsidiary, grew operating revenue 34% to ₹1,207 crore in FY25 (ended March 2025), from ₹903 crore in FY24, with net profit of about ₹340 crore, up roughly 17% year on year, per May 2025 reporting.

Timeline

2026-06Z47 runs fresh ~$200M pre-IPO secondary via Kotak Mahindra Capital for price discovery
2025-05-28Oxyzo reports FY25 revenue ₹1,207 crore, PAT ₹340 crore, up 34% and 17% YoY
2025-01-05Launches Nexizo.AI, an AI-powered discovery and market-intelligence SaaS platform
2025-01OFB Tech converts to a public limited company ahead of planned IPO
2024-10Zodius Capital fully exits via a $100-120 million secondary sale
2024-09-03IPO targeted for H2 2025 at $6B-$9B valuation, raising $750M-$1B
2024-07-08FY24 results reported: revenue ₹19,296 crore, net profit ₹603 crore, up 30% YoY
2021-12-20Series G raises $325M primary plus ~$140M secondary, valuing company near $5B
2015Founded by Asish Mohapatra and Ruchi Kalra in Gurugram, India

Revision history

29 July 2026

First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.

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