Lender Oxyzo's revenue rises 34% to Rs 1,207 crore in FY25; net profit up 17%
Oxyzo Financial Services, the lending arm of SoftBank-backed B2B commerce startup OfBusiness, reported a 33.6% jump in operating revenue to Rs 1,207 crore for the fiscal year ended March 2025, driven by a 32% increase in interest income.
The Gurugram-based company posted a net profit of Rs 339.1 crore for the year, up 16.7% from Rs 290.5 crore the previous fiscal year.
Interest income from loan disbursements contributed Rs 1,140.6 crore, accounting for 95% of Oxyzo's operating revenue. The remainder largely came from fee and commission income.Founded in 2015 by Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta and Nitin Jain, IPO-bound OfBusiness operates an ecommerce platform that enables manufacturing companies to source raw materials online. Its catalogue includes steel, non-ferrous metals, chemicals, agricultural products, polymers, energy commodities, textiles, construction materials and leather.Oxyzo, majority-owned by OfBusiness, works closely with the parent platform to offer credit facilities to its customers.
Despite the improved financial performance, the company's total expenses rose 46% year-on-year to Rs 754.6 crore in FY25, up from Rs 514.2 crore. Finance costs increased 38.3%, while employee benefit expenses rose 24.3% to Rs 143 crore.
In 2022, ET reported that Oxyzo raised its first external funding round of $200 million at a post-money valuation of $1 billion, making it a unicorn.'We've grown with prudence — focusing not just on scale, but on the quality of our book, our risk practices, and our deepening presence across core sectors of the Indian economy,' Kalra, CEO and cofounder, said in a statement. According to data from Tracxn, OfBusiness holds a 67.5% stake in Oxyzo, while Alpha Wave Global owns around 7.1% and Tiger Global holds about 4.3%.
OfBusiness converted into a public entity in January, a key step toward its planned initial public offering, which is expected to raise between $750 million and $1 billion when it happens, according to reports.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
17 minutes ago
- Indian Express
Gross GST collections in May rise 16.4% YoY to Rs 2.01 lakh crore
Gross Goods and Services Tax (GST) collections rose 16.4 per cent year-on-year to Rs 2.01 lakh crore in May (for sales in April), data released by the government on Sunday showed. The GST collections in May were lower than last month's record-high level of Rs 2.37 lakh crore even as the growth rate was higher at 16.4 per cent in May as against 12.6 per cent growth seen in April. While April collections had gained from year-end sales, GST collections in May slowed down from the domestic segment. GST collections from imports grew 25.2 per cent year-on-year to Rs 51,266 crore in May. GST collections from imports were Rs 46,913 crore in April. On the domestic front, GST collections grew 13.7 per cent to Rs 1.50 lakh crore in May, but were lower than Rs 1.90 lakh crore in April. On a net basis, GST collections increased 20.4 per cent to Rs 1.74 lakh crore, the data showed. Experts said a 16 per cent plus year-on-year growth implies economic recovery is holding up. Abhishek Jain, indirect tax head and partner, KPMG said, 'While last month's spike was expected with year-end reconciliations, the consistency this month along with a 16 plus per cent year-on-year growth points to strong underlying momentum and a recovery that's clearly taking hold.' Some experts pointed out a lower GST collection from the domestic sales in May (for sales in April) as against April (for year-end sales in March). 'GST collections are about what we expected, showing a 15 per cent drop from last month. However, domestic GST collections fell by nearly 21 per cent compared to last month, suggesting a shift in how much consumers are spending. While last month's higher collections likely included year-end business-to-business sales pushed due to targets, this large decrease points to some bit of change in consumer spending possibly due to global uncertainties. Also, export refunds are down significantly, by 36.25 per cent, which suggests that the last month's increased exports were primarily on account of companies building their stock at US level due to imposition of tariff,' Saurabh Agarwal, tax partner, EY India said. Total refunds stood at Rs 27,210 crore in May, down 4 per cent YoY. While domestic refunds grew 53.7 per cent YoY to Rs 18,314 crore in May, refunds for imports were down 45.9 per cent to Rs 8,896 crore. In April, domestic refunds had risen 22.4 per cent YoY to Rs 13,386 crore, while refunds on imports had increased 86.1 per cent YoY to Rs 13,955 crore. State-wise data for October showed that out of 38 states/Union territories, 20 states/UTs recorded higher growth in gross GST collections than the national average of 16.4 per cent growth rate. In absolute terms, Maharashtra was at the top with collection of Rs 31,530 crore (17 per cent growth), followed by Karnataka with collection of Rs 14,299 crore (20 per cent growth), Tamil Nadu with Rs 12,230 crore (25 per cent growth), Gujarat with collection of Rs 11,737 crore (4 per cent growth), and Delhi with Rs 10,366 crore collection (38 per cent growth). States/UTs which recorded a contraction in GST collections in May included: Andhra Pradesh at Rs 3,803 crore (-2 per cent), Uttarakhand at Rs 1,605 crore (-13 per cent), Dadra and Nagar Haveli and Daman & Diu at Rs 351 crore (-6 per cent), and Mizoram at Rs 29 crore (-26 per cent). 'The wide variations in the growth of GST collections across states require a thorough analysis across the sectors that are important in each state. While large states like Maharashtra, West Bengal, Karnataka and Tamil Nadu have reported collection increases of 17 per cent to 25 per cent, similar large states like Gujarat, AP and Telangana have shown increases of only -2 per cent to 6 per cent t. Some states like MP, Haryana, Punjab and Rajasthan have shown a median increase of 10 per cent. Hence, the average growth across the country does not appear to be uniformly reflected across states possibly due to sectoral or seasonal factors which require a deeper data based analysis,' MS Mani, partner, indirect taxes, Deloitte India said. The gross Central GST (CGST) — the tax levied on intra-state supplies of goods and services by the Centre — collections stood at Rs 35,434 crore, State GST (SGST) — the tax levied on intra-state supplies of goods and services by the states — collections were Rs 43,902 crore, while Integrated GST (IGST) — the tax levied on all inter-state supplies of goods and services — collections stood at Rs 1.09 lakh crore and cess at Rs 12,879 crore during the month. The gross Central GST (CGST) — the tax levied on intra-state supplies of goods and services by the Centre — collections stood at Rs 35,434 crore, State GST (SGST) — the tax levied on intra-state supplies of goods and services by the states — collections were Rs 43,902 crore, while Integrated GST (IGST) — the tax levied on all inter-state supplies of goods and services — collections stood at Rs 1.09 lakh crore and cess at Rs 12,879 crore during the month. Aanchal Magazine is Senior Assistant Editor with The Indian Express and reports on the macro economy and fiscal policy, with a special focus on economic science, labour trends, taxation and revenue metrics. With over 13 years of newsroom experience, she has also reported in detail on macroeconomic data such as trends and policy actions related to inflation, GDP growth and fiscal arithmetic. Interested in the history of her homeland, Kashmir, she likes to read about its culture and tradition in her spare time, along with trying to map the journeys of displacement from there. ... Read More
Time of India
25 minutes ago
- Time of India
Large vision models give Quality Control a Big Brotherly spin
Ever wondered how your evening snack-time cookies turn out perfectly uniform in shape and texture? Chances are they were inspected by the cameras and AI systems built by this Chennai-based startup. Jidoka Technologies' software tools and computer vision models help detect product defects in real-time across assembly lines. From biscuits to car gears to coconut oil bottles, its systems use multiple cameras and powerful vision models to flag anomalies and eject defective items in a flash as the products run through conveyors. 'Modern computer vision can transform product inspection as manufacturers aim for higher quality,' says Sekar Udayamurthy, co-founder and CEO. Typically factories engage workers for manual quality checks. But, they are subjective as individual workers cannot perform uniformly causing either higher wastage or higher defects. Also the process could be slow. The startup makes it consistent, faster and helps companies scale inspections. It can inspect 10,000 parts per minute with more than 99% accuracy, according to Udayamurthy. It monitors manufacturing processes involving human workers in real time to prevent rework. Its tools can be used for various tasks including counting, sorting, label text verification, assessing inventory and suggesting improvements in the manufacturing process with analytical dashboards. Jidoka provides hardware tools along with its software and models. Giving us a lowdown on this entrepreneurial journey, Udayamurthy informs us that he was working in a senior role in the US at Cognizant, building products for Fortune 500 clients while his co-founders, Dr Krishna Iyengar, Vinodh Venkatesan were both employed in an auto manufacturing facility in Chennai. They identified quality control as a key pain point in the manufacturing sector, which led to higher wastage and costly recalls. So they began building industry-specific AI models. Starting with automobiles, Jidoka Technologies performs three million inspections a day across FMCG, pharmaceutical, electronics and logistics verticals for major companies like Britannia and Maruti Suzuki. 'We are the only ones who give both product and process inspection on a single platform. Secondly, we are the only ones that can do it at these speeds. These are our primary differentiators,' he said. The trio has built domain-specific vision models for each industry and holds two patents in anomaly detection and decision engine. The startup was incubated by NSRCEL of IIM Bangalore and has so far raised 19.5 crore. It raised 11 crore in Pre-Series A round from Arali Ventures. Jidoka aims to hit the $25 million revenue mark in five years time and bets on expanding its services to different verticals such as solar and semiconductors as well as geographic expansion in Australia, Europe and North America. They plan to build a platform for proactive monitoring for quality and throughput and building large vision models (LVM) to handle tasks in multiple domains. 'The end-game is to create generic models that can work across customer bases,' explains Udayamurthy. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
25 minutes ago
- Time of India
Adani Energy nod for Rs 4.3k crore share sale
Billionaire Gautam Adani-controlled Adani Energy Solutions approved raising Rs 4,300 crore via a stake sale. Adani Group unit's board approved a proposal to raise the amount via "qualified institutional placement" in one or more tranches, an exchange filing showed on Saturday. Adani companies are steadily regaining investor confidence after a US indictment of the founder soured sentiment. In March, Fitch Ratings removed Adani Energy from a rating watch and assigned it a negative outlook, citing moderating risks associated with the group's liquidity. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
