Top News

IPO-bound B2B ecommerce startup OfBusiness reported a 21% jump in its consolidated profit to ₹724 Cr in FY26 from ₹597 Cr in FY25. Its operating revenue remained largely flat at ₹20,645 Cr. 

In a statement, the company said revenue remained largely flat on an adjusted basis after excluding discontinued operations. The company’s commerce business generated revenue of ₹19,174 Cr during the year.

However, EBITDA rose 34% YoY to ₹769 Cr from ₹575 Cr in FY25, with EBITDA margin expanding to 4% from 2.6%.

OfBusiness attributed the margin improvement to deeper manufacturing integration and the exit from some lower-return business categories. Its balance sheet was also impacted by exceptional items of ₹21 Cr and ESOP costs of ₹15 Cr. 

“In the future, the focus remains on generating higher operating cash flows and sharp execution on investments underway, which would further enhance returns for shareholders. FY27 will be a pivotal year for us as returns from prior investments play out,” cofounder and CEO Asish Mohapatra said. 

Meanwhile, its lending arm, Oxyzo Financial Services, ended FY26 with an asset base of ₹11,822 Cr, up 28% YoY. The business reported a return on assets (RoA) of 3.8% and a gross non-performing asset (GNPA) ratio of 0.75%.

Oxyzo’s net profit for the fiscal yearincreased 11% YoY to ₹375.5 Crwhile its operating revenue zoomed 23% to ₹1,488.8 Cr.

Beyond its financial performance, OfBusiness said its workforce more than doubled to over 30,000 employees during the year, driven largely by the expansion of its apparel manufacturing business in South India.

OfBusiness has been preparing for an IPO targeting a raise of $750 Mn to $1 Bn at a valuation between $6-9 bn, though the exact timeline has been deferred following its conversion to a public company.

Meanwhile, the startup’s top deck has also seen some shuffles in recent times. In December 2025, cofounder and CBO Nitin Jain exited the company to work on a new venture. 

Jain cofounded OfBusiness in 2016, along with Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta. It provides raw material procurement and financing solutions to SMEs operating in manufacturing and infrastructure across sectors through its ecommerce marketplace.

The startup has raised close to $900 Mn in private capital from investors like SoftBank, Z47, Tiger Global, Alpha Wave, among others.

The post IPO-Bound OfBusiness’ FY26 Profit Jumps 21% YoY To ₹724 Cr appeared first on Inc42 Media.