Fintech unicorn Oxyzo, the lending arm of IPO-bound B2B ecommerce platform OfBusiness, has raised INR 533 crore (approximately $62.4 million) through a debt funding round led by Neo Group. The company issued 53,300 non-convertible debentures (NCDs) at INR 10,000 each to multiple investors between March and April. Neo Group contributed INR 200 crore via its various investment arms, while Aditya Birla Sun Life AMC, Hinduja Leyland Finance, and Northern Arc Capital invested INR 100 crore, INR 75 crore, and INR 50 crore respectively. Additional capital came from Dezerv Securities, Nuvama Wealth, and others.
Oxyzo plans to deploy these funds towards its core lending operations, focusing on providing credit to small and medium enterprises (SMEs). Founded in 2016 by Ashish Mohapatra, Bhuvan Gupta, Ruchi Kalra, and Vasant Sridhar, Oxyzo was established to bridge the credit gap for SMEs, offering loans for raw material purchases, machinery, and working capital needs. Over the years, it has expanded its offerings, serving more than 5,000 SMEs across India and managing assets exceeding INR 5,000 crore. The company has also extended growth capital to over 20 technology startups spanning logistics, SaaS, healthtech, and agritech sectors.
Oxyzo achieved unicorn status in 2022 after securing $200 million in its first external funding round, co-led by Alpha Wave Global and Tiger Global. Its backers also include Norwest Venture Partners, Matrix Partners, and Creation Investments. The company has cumulatively raised about $212 million in funding to date.
Financially, Oxyzo has demonstrated robust growth. In FY24, net profit rose 47% to INR 290 crore, while revenue surged 59% to INR 904 crore. Its loan book reached INR 6,850 crore by September 2024, with a gross non-performing asset ratio of just 1%. Oxyzo’s lending model centers on cash flow-aligned products for SMEs, helping them optimize supply chains and access affordable credit, often at lower rates than informal trade credit.
While Oxyzo’s parent, OfBusiness, is preparing for a $750 million to $1 billion IPO in late 2025, Oxyzo itself is expected to consider a public listing in the future. OfBusiness currently holds a 70-75% stake in Oxyzo, and both companies are positioning themselves for further expansion and capital market participation.
 through a debt funding round led by Neo Group.){kind=link}