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OfBusiness lending arm Oxyzo turns unicorn in Series A funding round

OfBusiness lending arm Oxyzo turns unicorn in Series A funding round

Funding News

OfBusiness lending arm Oxyzo turns unicorn in Series A funding round

Oxyzo Financial Services, the lending arm of Industrial goods and services procurement platform OfBusiness, entered the unicorn club following a Series A fundraise of USD 200 million. The funding round was led by Alpha Wave and co-led by Tiger Global, Norwest Venture Partners, Matrix Partners and Creation Investments.




Notably, this is the first external round for Oxyzo which started as OfBusiness Group’s financing platform. The platform offers credit solutions that customized to help SMEs expand their operations, revenue, and consequently their profit margins. OfBusiness became a unicorn following a $160 million round led by SoftBank and is currently valued at around $5 billion. Oxyzo is currently serving 3000+ SMEs across India, disbursing 4000+ crores per annum, and has 2000+ crores as AUM. Interestingly, Oxyzo becomes the first startup to attain unicorn status at a Series A stage. This is also the largest Series A round raised by any Indian startup.

The funds will be used to expand Oxyzo’s broader digital financial services play organically and inorganically by scaling the supply chain marketplace, launching fixed income products for the SME space, and scaling other fee incomes business lines including debt capital markets and securities, the company said.


Also Read: Cosmofeed raises $1.5 mln in seed round led by growx ventures, others


Oxyzo said it has assets under management (AUM) of $350 million. The company also claimed to have clocked a 100% on year growth and said it maintained GNPA (gross non-performing asset ratio) at 1.2% even through the Covid period. The company said it has operating expenditure of 2.5%, which it claimed to be best-in-class.


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