OfBusiness revenue crosses Rs 15,000 Cr in FY23, profits surge 2.3X


Industrial goods and services procurement platform OfBusiness has continued its growth momentum in the last fiscal year and this is evident from its financial numbers. The Gurugram-based company’s gross scale as well as profit spiked over two-fold during the fiscal year ending March 2023.

OfBusiness’s GMV (gross merchandise value) surged 2.14X to Rs 15,342 crore in FY23 from Rs 7,140 crore in FY22, according to its consolidated financial statements filed with the Registrar of Companies.

Financials FY23


Operating Revenue

Total Expense

Profit / Loss


Through its commerce platform, the company supplies raw material across various supply chains including steel, non-ferrous, petrochemicals, polymers, industrial chemicals, agri products, and building materials, among others.

Trading and manufacturing are two primary segments for the Gurugram-based company. Collections from trading constituted 82% of the GMV while manufacturing contributed 25% of the total collections. The rest of the income comes from financial services and other operating activities.

See TheKredible for a detailed revenue breakup.

Being a goods and service procurement platform, the cost of procurement of material accounted for 91% of the total expenditure. In  line with revenue, this cost surged 2X to Rs 13,686 crore in FY23 from Rs 6,611 crore in FY22. Its employee benefit expenses also rose 2.68X to Rs 327 crore in FY23. This includes Rs 33.12 crore ESOP expenses which were settled in cash.

Expense Breakdown

Total ₹ 6,994 Cr
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Total ₹ 15,037 Cr
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  • Cost of materials
  • Employee benefits
  • Power and fuel
  • Consumption of stores and spare parts
  • Legal fees
  • Others

Power and fuel, rent, consumption of spare parts, and legal and professional fees are some major costs that pushed the overall expenditure 2.14X to Rs 15,037 crore in FY23 from Rs 6,994 crore in FY22. Head to TheKredible for a complete expenses breakdown.

The mammoth scale and good control on overheads helped OfBusiness achieve 2.3X growth in the profits to Rs 463 crore in FY23 from Rs 201 crore in FY22. Its ROCE and EBITDA margins stood at 9.28% and 6.31% respectively in FY23. 


FY22 FY23
EBITDA Margin 6.18% 6.31%
Expense/₹ of Op Revenue 0.98 0.98
ROCE 5.78% 9.28%

On a unit level, it spent Rs 0.98 to earn a unit of operating revenue.

OfBusiness has also built a strong suite of tech offerings for the SMEs. Its revenue opportunity and match making marketing platform – Bidassist – has now over 1 million registered and active users. It has recently launched a business operating system for SMEs (SME assist) while another product Ved offers live pricing, news updates, query resolution in multiple languages for SMEs.

The eight-year-old company was valued at $5 billion after a $325 million Series G round in December 2021. 

Oxyzo, the lending arm of OfBusiness, also reported 2.8X growth in its profit after tax (PAT) to Rs 197 crore in FY23. The second unicorn from the group registered Rs 570 crore in revenue during the fiscal year.

OfBusiness competes with Zetwerk, Infra.Market and Moglix. Zetwerk, which recently raised $120 million at flat valuation, and Infra.Market are yet to file their annual financial statements for FY23. Noida-based Moglix recorded 83% spike in its revenue to Rs 4,595 crore in FY23.

With the strong growth and profitability it has shown, OfBusiness has certainly repaid the confidence, and bets investors placed on the business. The firm has certainly cracked the code on growth and profitability, and it is interesting that it has arrived here without significant pivots to its original strategy. So much so that you have to wonder what the next trigger for growth will be, even as the firm retains strong growth momentum.  Will it be organic, or will acquisitions offer an opportunity too? The expansion in the SME segment is an indicator that the firm continues to think big, and seek avenues for growth. The rise of Oxyzo provides the firm an invaluable advantage in the market, and going by the current trend, crossing both Rs 20,000 crore in topline and a bottomline of over Rs 1,000 crore in FY24 seems a given.

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