Fintech Unicorn Oxyzo’s Profit Zooms 47% To INR 290 Cr In FY24

Fintech unicorn Oxyzo saw its consolidated net profit surge 47% to INR 290 Cr in the financial year 2023-24 (FY24) from INR 197.5 Cr in the previous fiscal year.

The fintech arm of unicorn OfBusiness saw its operating revenue jump 59% to INR 903.3 Cr during the year under review from INR 569.9 Cr in FY23, as per the financial statements of the startup available on its website.

Including other income, the startup’s total revenue rose 58.5% to INR 904.1 Cr in FY24 from INR 570.4 Cr in the previous year. 

Founded in 2016 by OfBusiness founders Ruchi Kalra and Asish Mohapatra, Oxyzo provides loans to SMEs in the manufacturing and contracting sectors. 

Where Did Oxyzo Spend?

The startup’s total expenditure grew 66% to INR 514.2 Cr in FY24 from INR 309.4 Cr in the previous year.

Finance Cost: Being a lending-focussed startup, finance cost was the biggest expense for the startup. In FY24, Oxyzo’s finance cost jumped 73% to INR 317.3 Cr from INR 183 Cr in the previous year. 

Employee Benefit Expenses: Employee costs stood at INR 115.5 Cr during the year under review, an increase of 73% from INR 183.3 Cr in FY23. 

Oxyzo is building a full suite of financial offerings in the B2B space – from lending to capital markets. The startup has been diversifying its customer base to include micro, small-medium enterprises, mid-corporates, new economy and financial institutions. 

Oxyzo has expanded into the micro-enterprise lending segment through its investment in ZIEL Financial Technologies, which has a network of over 75 branches in Rajasthan, Uttar Pradesh, Haryana, Uttarakhand, and Punjab.

The startup claims to have disbursed $2.6 Bn across 40K+ nodes till date and leveraged this data warehouse to build a differentiated tech-enabled supply chain and embedded finance marketplace that aims to solve for the broader under penetration of formal credit in India’s broader economy.

It also claims to have an AUM of $360 Mn and is rated A+ by ICRA and CARE.

Oxyzo entered the unicorn club in March 2022 after raising a maiden funding of $200 Mn from Tiger Global, Norwest Venture Partners, Alpha Wave, Matrix Partners, and Creation Investments.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.