IPO-bound B2B commerce and financing platform OfBusiness reported a 21% year-on-year growth in its profit after tax (PAT) to Rs 724 crore in FY26 from Rs 597 crore in the previous fiscal, while its consolidated revenue stood at Rs 20,645 crore. The company's commerce business, which spans metals, chemicals, apparel and food processing, recorded a revenue of Rs 19,174 crore during the fiscal year. Its EBITDA grew 34% to Rs 769 crore in FY26 from Rs 575 crore in FY25, while EBITDA margin expanded to 4% from 2.6% a year ago. OfBusiness also reported a sharp improvement in cash generation, with operating cash flow from its commerce business rising to Rs 1,302 crore in FY26 from Rs 715 crore in the previous fiscal. The company turned free cash flow to firm (FCFF) positive for the first time, reporting Rs 390 crore during the year. Its financing arm, Oxyzo Financial Services, reported an asset base of Rs 11,800 crore in FY26, 28% higher than the previous fiscal. The lending business posted a return on assets of 3.8% and maintained a gross non-performing asset (GNPA) ratio of 0.75%. Founded in 2015 by Asish Mohapatra, Ruchi Kalra, Bhuvan Gupta and Vasant Sridhar, OfBusiness operates a technology-led platform that offers SMEs raw material procurement, working capital financing, and tender intelligence solutions. Its tender intelligence platform, BidAssist, has crossed 1.5 million business users and aggregates over 50,000 live tenders daily from authorities and portals across India. The platform uses AI to match tenders with business profiles, helps users track win rates and competitors in live bids, and serves as a customer acquisition channel for OfBusiness's commerce and financing businesses. The company's workforce has also crossed 30,000 employees, nearly doubling over the past year, led by the expansion of its apparel business in South India. Commenting on the performance, co-founder and CEO Asish Mohapatra said, “The year saw the Group crossing significant milestones, becoming free cash flow to firm positive in the Commerce business and crossing the Rs 10,000 crore AuM mark in lending. FY27 will be a pivotal year for us as returns from prior investments play out.” Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
