OfBusiness’s lending unit Oxyzo raises $200 million, turns unicorn
Gurugram-based Oxyzo financial Services, a supplier of technology-enabled smart finance solutions, has raised $200 million in a Series A round led by Alpha Wave and co-led by Tiger Global, Norwest Venture Partners, Matrix Partners, and Creation Investments. The company is now valued at $1 billion after the funding round.
According to an official statement, the funds will grow Oxyzo’s broader digital financial services play organically and inorganically across a strong own balance sheet play. Therefore, it will help scale the supply chain marketplace, launch innovative fixed-income products for the SME space. Also, scale other fee income business lines such as debt capital markets and securities.
Oxyzo financial services aspires to consistently innovate in the B2B financial services industry by leveraging technology. This is to provide end-to-end origination, deployment, curated structuring, and distribution capabilities.
“With the emergence of the digital economy, we see a marked shift in the emerging needs and servicing approach in the B2B segment. We want to be at the forefront of this as a diversified financial services company, differentiated through its innovative financial products. And also, digital platforms on the back of strong credit and origination capabilities. We are very excited about our next phase of growth as we further embed ourselves digitally into the SME, mid-corporate and the new age supply chains,”.Ruchi Kalra, co-founder and CEO of Oxyzo
Oxzyo financial services founded in 2016 by Asish Mohapatra and Ruchi Kalra as a financing platform of Ofbusiness – a unicorn since July 2021 – to provide cash flow matching working capital loans for SMEs in traditional economic sectors like manufacturing and subcontracting.