OfBusiness FY24: Profit Surges Over 30% To Cross INR 600 Cr Mark

B2B marketplace OfBusiness’ consolidated operating revenue surged over 25% year-on-year (YoY) to cross the INR 19,000 Cr mark in the financial year 2023-24 (FY24), with net profit breaching the INR 600 Cr mark.

The Delhi NCR-based unicorn had posted a net profit of INR 463.2 Cr on an operating revenue of INR 15,342.6 Cr in the previous fiscal year. 

In FY24, OfBusiness’ operating revenue stood at INR 19,296.3 Cr, while its net profit surged over 30% YoY to INR 603 Cr, as per the startup’s profit and loss statement accessed by Inc42.

Founded in 2016 by Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta, and Nitin Jain, OfBusiness generates revenue by selling raw materials for manufacturing and infrastructure sectors. 

The startup has raised around $878 Mn in total so far and is backed by marquee investors like SoftBank, AlphaWave Global, Tiger Global, and Norwest Venture Partners.

The company also has a fintech arm, Oxyzo, which turned unicorn in 2022. As earlier reported, Oxyzo’s net profit surged 47% YoY to INR 290 Cr in FY24 and operating revenue increased 59% to INR 903.3 Cr.

Zooming Into Expenses

In line with its business growth, OfBusiness’ total expenses jumped 24.3% to INR 18,695.7 Cr in FY24 from INR 15,037.5 Cr in the previous fiscal.

Purchases of Stock-in-Trade: As its biggest expense head, OfBusiness’ spending in this bucket increased almost 19% to INR 13,339.6 Cr in the reported year from INR 11,233.7 Cr in FY23.

Cost of Material Consumed: The startup’s spending in this bucket grew to INR 3,595.4 Cr in FY24 from INR 2,719.7 Cr in the previous year.

Employee Cost: OfBusiness’ total employee benefit expenses surged over 61% to INR 526.1 Cr in FY24 from INR 326.6 Cr in the previous fiscal.

Besides its marketplace, OfBusiness also operates a platform named BidAssist that helps enterprises and SMEs find tender information from across 200 countries, including India. The platform now has over 1.2 Mn registered SMEs.  The unicorn has also launched a mobile app OfBusiness Mandi, which allows SMEs to track raw material prices, news, and do real-time tracking.

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