OfBusiness Cofounder Nitin Jain Quits

OfBusiness To Completely Acquire Indian Design: Report

SUMMARY

Nitin Jain, cofounder and chief business officer (CBO) of IPO-bound OfBusiness, has stepped down from his position

In a LinkedIn post, Jain said he was “moving on” from OfBusiness and its fintech arm Oxyzo, which is an independent unicorn

Notably, 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

Nitin Jain, cofounder and chief business officer (CBO) of IPO-bound OfBusiness, has stepped down from his position.

In a LinkedIn post, Jain said he was “moving on” from OfBusiness and its fintech arm Oxyzo, which is an independent unicorn.

While he did not disclose the reason behind the move, he said, “Something big is upcoming.” Responding to a comment from a user to work on manufacturing in his next stint, Jain said that his next move would be “around these lines”.

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.

Before cofounding OfBusiness, Jain worked as the vice president of structured solutions trading at Royal Bank Of Scotland Business for seven years.

Earlier this month, it was reported that OfBusiness reportedly was looking to acquire the reaminging 30% stake in garment and home textile manufacturer Indian Design to make the latter a wholly owned subsidiary.

The B2B marketplace unicorn has been preparing for its public listing for a while now. Earlier this year, OfBusiness converted into a public company, with a target to hit the bourses in the second half of 2025. However, it is yet to file its DRHP with SEBI.

The startup has raised a total funding of about $890 Mn to date from investors like Softbank, Tiger Global Management, Titan Capital, among others.

On the financial front, OfBusiness reported a 30% jump in its net profit to INR 603 Cr in the fiscal ended March 2024 from INR 463.2 Cr in the previous fiscal year. Its operating revenue grew over 25% to INR 19,296.3 Cr during the year from INR 15,342.6 Cr in FY23.