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Economic Times
5 days ago
- Business
- Economic Times
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 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 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.
Time of India
27-05-2025
- Business
- Time of India
Flipkart growing at up to 25% despite ecommerce slowdown: Group CEO Kalyan Krishnamurthy
Flipkart group CEO Kalyan Krishnamurthy told employees on Monday that the Walmart-owned ecommerce platform is seeing 20–25% year-on-year growth in orders across its group businesses in May, even as the broader ecommerce industry experiences a slowdown, people aware of the discussions said. Speaking at a townhall, Krishnamurthy called the company's reverse flip to India — approved by the board in April — a key step towards aligning with the country's regulatory framework. ET had earlier reported Flipkart's plan to shift its domicile from Singapore to India as part of its preparations for a public listing in 2026. 'He talked about the group's continued focus on profitability with a renewed emphasis in the context of the reverse flip being initiated,' one of the sources said. Krishnamurthy also noted that the company is on track for 30% order growth in June, indicating sustained momentum amid a cooling market. According to a recent Bain & Company–Flipkart report, India's ecommerce sector is expected to grow 10–12% in 2024, down from over 20% in previous years. The Flipkart CEO said the fashion vertical , including Myntra, accounted for 40% of the group's new customer additions. Myntra, which turned profitable in FY24, improved its bottom line by cutting down on return costs. Also present at the townhall were senior vice presidents Ramesh Gururaja (consumer shopping experience), Hemant Badri (supply chain), and Seema Nair (chief human resource officer), who shared updates from their respective business units. Krishnamurthy reiterated that Flipkart's quick commerce arm, Minutes, is on track to operate 800 dark stores by the end of 2025. As ET reported on Friday, Minutes has been doubling its daily order volume every 45 days, according to Flipkart VP Kabeer Biswas. Gururaja also spoke about the company's renewed focus on GenZ customers across verticals such as fashion, travel, and Shopsy, Flipkart's value commerce platform that competes with SoftBank-backed Meesho and Amazon's Bazaar. The development was first reported by Press Trust of India.
Time of India
27-05-2025
- Business
- Time of India
Logistics SaaS startup Fleetx raises Rs 113 crore from Indiamart, Beenext
Gurugram-based logistics SaaS startup Fleetx has raised Rs 113 crore in a funding round led by existing investors Indiamart Intermesh and Beenext (through its Accelerate Fund). The round includes a mix of primary and secondary investments, the company said on Tuesday. Fleetx plans to use the fresh capital to accelerate product development and scale its sales engine, with a focus on mid-market and enterprise customers across India. 'This round gives us more than enough runway to become fully profitable within the next year and prepare the company for IPO readiness. As we sit on huge logistics data points, we're in a unique position to leverage AI to tackle some of the most complex challenges in the sector,' said Vineet Sharma, cofounder and CEO of Fleetx. Founded in 2017, Fleetx offers AI- and IoT-powered solutions across fleet management, trip intelligence, video telematics, fuel analytics, transport ERP, and transportation management systems (TMS). The company claims to have increased its annual recurring revenue (ARR) to over Rs 100 crore, marking a four-fold jump from its last fundraise in early 2022. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Fleetx currently serves more than 2,000 customers, including over 100 enterprise accounts such as Ultratech Cement , Unilever, Adani Group, Godrej, Vedanta , Maersk, and Hindalco . According to Tracxn, Fleetx raised $19.4 million at a post-money valuation of $75.6 million in 2022, with participation from IndiaQuotient, Beenext and Indiamart. 'Fleetx has consistently demonstrated a strong product–market fit and disciplined execution in solving large-scale logistics challenges. Their AI and IoT-powered platform is becoming the operating system for physical movement of goods and therefore aligns perfectly with Indiamart's vision of empowering businesses,' said Dinesh Agarwal, founder and CEO of Indiamart Intermesh Limited. The development is part of a broader trend in India's logistics-tech space, which has been attracting investor attention amid growing demand for automation, cost efficiency, and data-driven supply chain insights. Earlier this year, SoftBank-backed Netradyne, a fleet safety and video telematics firm, became India's first unicorn of 2025 after raising $90 million in an equity funding round led by Point72 Private Investments.
Time of India
26-05-2025
- Business
- Time of India
Flipkart growing at up to 25% despite ecommerce slowdown: Group CEO Kalyan Krishnamurthy
Flipkart group CEO Kalyan Krishnamurthy told employees on Monday that the Walmart-owned ecommerce platform is seeing 20–25% year-on-year growth in orders across its group businesses in May, even as the broader ecommerce industry experiences a slowdown, people aware of the discussions said. Speaking at a townhall, Krishnamurthy called the company's reverse flip to India — approved by the board in April — a key step towards aligning with the country's regulatory framework. ET had earlier reported Flipkart's plan to shift its domicile from Singapore to India as part of its preparations for a public listing in 2026. 'He talked about the group's continued focus on profitability with a renewed emphasis in the context of the reverse flip being initiated,' one of the sources said. Krishnamurthy also noted that the company is on track for 30% order growth in June, indicating sustained momentum amid a cooling market. According to a recent Bain & Company–Flipkart report, India's ecommerce sector is expected to grow 10–12% in 2024, down from over 20% in previous years. The Flipkart CEO said the fashion vertical , including Myntra, accounted for 40% of the group's new customer additions. Myntra, which turned profitable in FY24, improved its bottom line by cutting down on return costs. Live Events Also present at the townhall were senior vice presidents Ramesh Gururaja (consumer shopping experience), Hemant Badri (supply chain), and Seema Nair (chief human resource officer), who shared updates from their respective business units. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Krishnamurthy reiterated that Flipkart's quick commerce arm, Minutes, is on track to operate 800 dark stores by the end of 2025. As ET reported on Friday, Minutes has been doubling its daily order volume every 45 days, according to Flipkart VP Kabeer Biswas. Gururaja also spoke about the company's renewed focus on GenZ customers across verticals such as fashion, travel, and Shopsy, Flipkart's value commerce platform that competes with SoftBank-backed Meesho and Amazon's Bazaar. The development was first reported by Press Trust of India.
Yahoo
22-05-2025
- Business
- Yahoo
Microsoft-backed OpenAI Enters Hardware Era In $6.5 Billion Deal
OpenAI is venturing into hardware with its $6.5 billion acquisition of Sir Jony Ive's io, aiming to launch AI-powered companions by 202627 that blend unobtrusive design with real-world awareness. Analyst Ming-Chi Kuo of TF International Securities calls physical AI the next critical trend and sees the Ive partnership as a strategic play to marry leading AI models with Apple (NASDAQ:AAPL)-grade industrial design. Warning! GuruFocus has detected 3 Warning Sign with MSFT. Prototypes, according to Ming-Chi Kuo, pack cameras and microphones for environmental detection in a screen-less form factor roughly the size of an iPod Shufflewearable around the neck and leveraging connected PCs or smartphones for displays. Kuo's industry checks point to mass production in 2027, with assembly outside China to minimize geopolitical risk. The deal injects design heft into Microsoft (NASDAQ:MSFT)- and SoftBank-backed OpenAI, which paid $5 billion in stock and expanded its existing 23% io stake valued at $1.5 billion. Altman and Ive emphasize stealth to prevent rivals from cloning their concept and reference Alan Kay's dictum that serious software players must craft their own hardware. This pivot follows Google's (NASDAQ:GOOG) I/O AI showcase and underscores OpenAI's bid to shift the narrative back in its favor. Why It Matters Investors should note that integrating cutting-edge AI with premium hardware could unlock higher margins and create stickier consumer offerings, elevating OpenAI's competitive moat against Big Tech's software-only strategy. Investors will look for prototype demos at year-end events and monitor official launch timing as the company refines specs ahead of a late-2026 debut. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
