India’s husband and wife that have become famous for building their own billion-dollar unicorns each, are now looking to go public. The couple is looking to debut one of their firms on stock exchanges anytime between six months to this year.
Ruchi Kalra, 38, and her husband Ashish Mohapatra, 41, each have two startups namely OfBusiness and Oxyzo under their belt worth more than a billion-dollar.
Kalra told Bloomberg Television that “the companies are both ready for public markets and at the right, the opportune time, over the six months to two-year period, you will see both companies go public.”
OfBusiness which has been co-founded by the couple along with others in 2016, is seen to open in its initial public offering soon this year, while Kalra told the television that Oxyzo could float shares in about two years.
Kalra and Mohapatra who are both alums of the Indian Institute of Technology, met each other while working at McKinsey & Co. The couple later in 2016 launched OfBusiness with others namely Vasant Sridhar, Bhuvan Gupta, and Nitin Jain. A year later they launched the digital lending platform Oxyzo whose name was derived by blending the words Oxygen and Ozone. Both startups have been profitable with major global companies among investors.
In April last year, OfBusiness’s valuation crossed the $1 billion mark after SoftBank and others invested. While the valuation further skyrocketed to nearly $5 billion by end of December 2021, as Softbank and others continued to invest more money.
Last month, Oxyzo a billion-dollar valuation after investments from Alpha Wave Global, Tiger Global Management, Norwest Venture Partners, and others.
Tech-enabled platform, OFB Tech (OfBusiness) facilitates raw material procurement and credit for SMEs with a focus on the manufacturing and infrastructure sectors. The unicorn integrates technology to SMEs ‘ buying behavior to make available better products, at better prices, and in better timelines to customers with comprehensive online and offline support. Key raw materials include metals, chemicals, polymers, Agri commodities, petrochemicals, and building materials.
Further, OfBusiness provides SMEs access to cash flow-based financing for buying raw materials through its NBFC ‘Oxyzo Financial Services’. The Company also offers a host of tech services for SMEs including BidAssist for new growth opportunities.
Meanwhile, Oxyzo aims at transforming small and medium enterprises into large, ones by offering credit solutions that are customized to help SMEs expand their operations, revenue, and consequently their profit margins. This, combined with our low-interest rates, collateral-free credit options, and 72 hours of loan processing timelines transforms Oxyzo into a leading lending option for SMEs in India. Oxyzo is currently serving 3000+ SMEs across India, disbursing 4000+ crores per annum, and has 2000+ crores as AUM.
As of December 2021 quarter, Oxyzo’s revenue from operations stood at ₹810.5 crore, rising massively from ₹479.24 crore in the same quarter last year. The company had posted a revenue of ₹728.3 crore in Q2FY22. Meanwhile, its net profit doubled to nearly ₹19 crore from ₹9.45 crore in Q3FY21, also the bottom line was higher from ₹15.58 crore in Q2FY22.
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