With Oxijo Financial Services completing its first external funding of $200 million, its co-founders Ruchi Kalra and Ashish Mohapatra, who also run a unicorn start-up of business, separately own companies worth over $1 billion. The country’s first husband-wife couple to be married. evaluation each. Oxijo Financial Services, the lending arm of the SoftBank-backed business-to-business commerce start-up of Business, has raised ₹200 million in the largest ever Series-A funding for an Indian start-up, according to information available on OffBusiness. Website.
The fund was raised in a Series-A round, led by Alpha Wave and co-led by Tiger Global, Norwest Venture Partners, Matrix Partners and Creation Investments. With a valuation of $1 billion after funding, Oxijo is the latest addition to India’s growing list of unicorns. The new financing was co-led by Alpha Wave Global and Tiger Global with participation from Norwest Venture Partners, Matrix Partners and Creation Investments, Oxizo Chief Executive Ruchi Kalra told ET as quoted on the offbusiness website.
“We have operated Oxijo as a separate entity with our team as part of the offbusiness group and now, the business has reached a point where it can raise capital on its own. For example, 70 percent of the borrowings from Oxijo are outside offbusiness suppliers,” she said, according to the OffBusiness website.
According to a Bloomberg report, Mohapatra said OffBusiness, formally known as OFB Tech Pvt, had crossed a valuation of USD 1 billion in April last year, when SoftBank and others invested in . The company supplies bulk raw materials such as steel, diesel, food grains and industrial chemicals to small and medium-sized businesses. According to the report, the start-up’s valuation jumped to nearly US$5 billion in December as SoftBank and others poured more money into it.
Oxijo lends to SMEs for supply-chain finance and has started lending to new-age businesses in areas such as logistics, warehousing and direct-to-consumer, in addition to financing off-business suppliers.
Kalra, 38, and Mohapatra, 41, are alumni of the Indian Institute of Technology. They both met while working at McKinsey & Company. Kalra is the CEO of Oxijo, while her husband Mohapatra is the CEO of OffBusiness.
Established in 2016, Oxizo has over 500 employees and a data warehouse specializing in supply chain analysis. It has disbursed more than $2 billion in loans and has been profitable since its inception. Kalra said Oxijo currently has $350 million in assets under management, which has more than doubled in a year, with gross non-performing assets accounting for 1.2 per cent. According to the OffBusiness website, “Oxijo has been profitable since its inception and currently stands at approximately 5.5 percent pre-tax return, or ROA, on assets.”
The latest $200 million fund will be used to systematically and inorganically drive Oxizo’s comprehensive digital financial services in a strong balance sheet play, enhance the supply chain marketplace, launch innovative fixed income products for the SME sector and other fee income business lines. to be increased. According to an official statement, debt includes capital markets and securities.
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