India’s Leading B2B Commerce & SME FinTech Platform | Unlisted | Pre-IPO

One of India’s most profitable unicorns powering manufacturing, infrastructure and SME financing.

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Company Overview

Particular	Details
Company Name	OFB Tech Limited (OfBusiness)
Brand	OfBusiness
Sector	B2B Commerce / FinTech / Supply Chain
Founded	2015
Headquarters	Gurugram, Haryana
Founders	Asish Mohapatra, Ruchi Kalra, Bhuvan Gupta, Nitin Jain & Vasant Sridhar
ISIN	INE06DH01023
Face Value	₹1
Status	Unlisted (Pre-IPO)
Indicative Unlisted Price	~₹415/share
Indicative Market Cap	~₹44,200 Crore
IPO Status	Preparing for IPO (DRHP expected)

About the Company

OfBusiness is India’s largest technology-enabled B2B commerce platform helping SMEs procure raw materials and access working capital.

Unlike consumer marketplaces, OfBusiness focuses on industries like steel, cement, chemicals, polymers, textiles, agriculture, construction and infrastructure.

The company combines three businesses into one integrated platform:

• B2B Raw Material Procurement
• Embedded Working Capital Finance (Oxyzo)
• Tender Intelligence Platform (BidAssist)

Today, OfBusiness serves thousands of manufacturing businesses across India while exporting products to 70+ countries.

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Key Highlights

Particular	Details
Founded	2015
Business Model	B2B Commerce + FinTech + SaaS
Headquarters	Gurugram, Haryana
Employees	30,000+
India Offices	21+
Global Offices	8
Export Presence	70+ Countries
BidAssist Users	1.5 Million+
FY26 Revenue	₹20,645 Cr
FY26 PAT	₹724 Cr
Lending AUM (Oxyzo)	₹11,800+ Cr
IPO Status	Pre-IPO Preparation

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Business Model

OfBusiness has built a unique “Procure + Finance + Technology” ecosystem.

Business Vertical	Description
B2B Commerce	Bulk procurement & supply of industrial raw materials.
Oxyzo Financial Services	Collateral-free working capital loans for SMEs.
BidAssist	AI-powered government tender discovery platform.
Manufacturing	Own manufacturing & value-added industrial products.
Exports	Supplies Indian products globally.

The company earns through:

• Trade margins.
• Interest income.
• Platform subscription fees.
• OEM commissions.
• Manufacturing margins.

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What Products Does OfBusiness Supply?

OfBusiness procures directly from manufacturers and supplies SMEs across multiple sectors.

Major Categories

• Steel & Metals
• Cement
• Chemicals
• Polymers
• Textiles
• Agri Commodities
• Industrial Machinery
• Packaging Materials
• Construction Materials
• Apparel Manufacturing

This makes OfBusiness a supply-chain partner for manufacturing businesses instead of a retail marketplace.

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Oxyzo – Embedded SME Financing

Oxyzo is OfBusiness’ fintech arm.

It provides:

• Working Capital Loans.
• Invoice Financing.
• Purchase Financing.
• Supply Chain Credit.
• Business Loans.

FY26 Lending Business

Particular	FY26
Loan Book (AUM)	₹11,800+ Cr
AUM Growth	28% YoY
Profitability	Profitable

The financing business is deeply integrated with procurement, giving OfBusiness valuable customer data and lower credit risk.

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BidAssist – AI Tender Platform

BidAssist is India’s largest tender intelligence platform.

What BidAssist Offers

• Government tenders.
• PSU tenders.
• Railways.
• Defence.
• Infrastructure.
• Smart AI search.
• Tender alerts.

Scale

1.5 Million+ businesses use BidAssist to discover procurement opportunities.

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Financial Snapshot

Consolidated Financials (₹ Crore)

Particulars	FY22	FY23	FY24	FY25	FY26
Revenue	7,139	15,342	19,296	22,241	20,645
EBITDA	319	671	1,220	1,291	1,500+ (Commerce EBITDA 769)
PAT	201	463	603	597	724

FY26 Highlights

• Revenue: ₹20,645 Cr
• PAT: ₹724 Cr (+21% YoY)
• Commerce business became Free Cash Flow Positive.
• Commerce EBITDA grew 39% YoY despite lower reported revenue after exiting low-margin businesses.

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Key Insight: Revenue declined 7% because OfBusiness intentionally exited low-return business segments while improving margins and profitability.

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Revenue Breakdown

Business	FY26 Highlights
Commerce Business	₹19,174 Cr Revenue
FinTech (Oxyzo)	₹11,800 Cr+ Loan Book
BidAssist SaaS	1.5M+ Users
Manufacturing & Exports	Growing contribution

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Shareholding Pattern

Major Investors

Investor	Stake (Approx.)
SoftBank Vision Fund	Major Investor
Alpha Wave Global	~18%
Tiger Global	Major Investor
Matrix Partners India	Investor
Norwest Venture Partners	Investor
Founders	Significant Holding

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The company has raised $850M+ from global investors across multiple funding rounds.

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IPO Status

OfBusiness is among India’s biggest upcoming IPO candidates.

IPO Snapshot

Particular	Details
IPO Status	Pre-IPO Preparation
Expected IPO Size	$750 Million – $1 Billion
Expected Valuation	$6–9 Billion
IPO Type	Fresh Issue + OFS
DRHP	Expected (Not yet public)
Listing Exchange	NSE & BSE (Expected)

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The company has already appointed investment banks including:

• JP Morgan
• Morgan Stanley
• Citi
• Axis Capital
• Bank of America

Reuters

Why OfBusiness is Different?

Unlike consumer unicorns, OfBusiness has been profitable for several years.

Competitive Advantage

• Massive B2B procurement network.
• Embedded financing through Oxyzo.
• AI-powered BidAssist.
• Manufacturing integration.
• Export business.
• Strong cash generation.
• High repeat SME customers.

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Growth Drivers

1. Manufacturing Boom

India’s manufacturing sector is expanding under Make in India and PLI schemes.

2. SME Digitisation

Millions of SMEs are shifting procurement online.

3. Embedded Finance

Working capital financing increases customer stickiness.

4. Government Infrastructure Spending

Higher spending increases demand for steel, cement, chemicals and industrial materials.

5. Export Expansion

Presence in 70+ countries opens global growth opportunities.

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Investment Positives

Positive	Why It Matters
Profitable Unicorn	₹724 Cr PAT in FY26.
₹20,000+ Cr Revenue	Among India’s highest revenue private startups.
Strong SME Ecosystem	Commerce + Finance + SaaS.
Free Cash Flow Positive	Commerce business turned FCF positive.
Oxyzo Lending	₹11,800 Cr AUM.
BidAssist	1.5M+ businesses use the platform.
Global Investors	SoftBank, Tiger Global, Alpha Wave.
IPO Catalyst	Expected large IPO.

Key Risks

Risk	Concern
Commodity Price Volatility	Steel and raw material prices affect margins.
Credit Risk	SME lending portfolio needs careful underwriting.
Working Capital Intensive	Large inventory and receivable cycle.
IPO Valuation Risk	High expected valuation may reduce listing upside.
Economic Slowdown	Manufacturing demand can weaken.
Competition	Infra.Market, Zetwerk, IndiaMART and others.

Investment View

Overall Rating

Parameter	Rating
Business Quality	⭐⭐⭐⭐⭐
Revenue Scale	⭐⭐⭐⭐⭐
Profitability	⭐⭐⭐⭐⭐
Growth Potential	⭐⭐⭐⭐⭐
IPO Visibility	⭐⭐⭐⭐☆
Valuation Comfort	⭐⭐⭐☆☆
Liquidity	⭐⭐☆☆☆
Risk Level	Medium

Our View

OfBusiness is one of India’s strongest pre-IPO opportunities in the B2B commerce and SME fintech space.

The company combines:

• Large revenue base.
• Consistent profitability.
• Embedded finance.
• AI-powered procurement platform.
• Strong institutional investors.
• Clear IPO pathway.

Unlike many startups, OfBusiness is already generating significant profits and free cash flow.

UnlistedCart View

“India’s Profitable B2B Unicorn | Commerce + Finance + AI | High-Growth Pre-IPO Opportunity.”

Share Details

Particular	Details
Company	OFB Tech Limited
Brand	OfBusiness
ISIN	INE06DH01023
Face Value	₹1
Sector	B2B Commerce / FinTech
Status	Unlisted
Indicative Price	~₹415/share
Market Cap	~₹44,200 Cr
FY26 Revenue	₹20,645 Cr
FY26 PAT	₹724 Cr
Lending AUM	₹11,800+ Cr
IPO Status	Pre-IPO Preparation

Disclaimer

This report is for educational and informational purposes only and should not be considered investment advice. Unlisted share prices are indicative OTC references and may vary based on seller, buyer and lot size. Investors should verify the latest valuation, ISIN, financial statements and IPO filings before investing.

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