IPO-Bound OfBusiness Launches AI Platform Nexizo

IPO-bound B2B marketplace OfBusiness has launched a new SaaS platform, Nexizo.AI, to help mid-market and large companies fuel business growth. 

The platform allows companies to find relevant buyers for their products, gather market insights for competitive intelligence and discover raw material price. Besides, users can also access software tools to optimise their sales, logistics and inventory functions.

The company said it is eyeing “top-tier” small and medium enterprises (SMEs) operating in the infrastructure and manufacturing sectors. 

In a statement, the unicorn said that the launch of the new platform serves as a “strategic step” toward building a vertical commerce ecosystem focused on materials, finance, and software solutions ahead of its IPO slated for this year. 

“Our ‘Nexizo.AI’ digital platform is another step towards our digital journey towards helping SMEs to get seamless end-to-end experience to create a high-value market. The ‘Nexizo.AI’ allows us to open our ecosystem to other players, offering not just lead discovery but a seamless end-to-end transaction experience tailored for high-value markets” OfBusiness founder and CEO Asish Mohapatra said. 

Founded in 2016 by Mohapatra, Nitin Jain, Ruchi Kalra, Vasant Sridhar, and Bhuvan Gupta, OfBusiness provides raw material procurement and financing solutions to SMEs in manufacturing and infrastructure sectors. CBO Jain, in a post on LinkedIn, said that OfBusiness has impacted more than 4 Lakh businesses via its tech, with deliveries to more than 13,000 SMEs.

The company has built an AI engine for its BidAssist platform that deciphers complex public procurement data into actionable buying signals. The said engine, it claims, processes and tracks over 25 Mn data points annually from more than 50 Mn tenders and documents. 

In a post on LinkedIn, OfBusiness’ CBO-Digital Piyush Upadhyay said that while BidAssist is focused towards government contractors, Nexizo is for larger established players “as the complexity & sophistication of solution expands multifold”. He added that Nexizo will target the private sector in due course of time. 

The launch of the new platform comes as OfBusiness gears up for a public listing in the latter half of 2025. It plans to raise up to $1 Bn through its IPO, which will include a fresh issue worth $200 Mn. It is looking to secure a valuation between $6 Bn and $9 Bn.

OfBusiness started its IPO bid in November by appointing five investment bankers – Axis Capital, Morgan Stanley, JPMorgan, Citigroup and Bank of America – as the book runners for its IPO. 

Back then, cofounder Jain said that OfBusiness will focus on improving its profitability before going for an IPO. In the fiscal year 2023-24 (FY24), its net profit surged 30% year on year (YoY) to INR 603 Cr, while operating revenue zoomed over 25% YoY to INR 19,296.3 Cr.