Oxyzo Raises INR 100 Cr In Debt From AK Capital

Oxyzo posts INR 69.34 Cr in profits in FY22

SUMMARY

Oxyzo has secured INR 100 Cr (around $11.5 Mn) in debt from AK Capital

The company plans to use the raised funds to strengthen its long-term resources and cover day-to-day expenses

The debts were issued for a tenure of 24 months and will carry an interest rate of 9.75% per annum

Fintech unicorn Oxyzo has secured INR 100 Cr (around $11.5 Mn) in debt from AK Capital.

In a regulatory filing, the company said that its board allotted 1,00,000 non-convertible debentures to AK Capital at an issue price of INR 10,000 each to raise INR 100 Cr.

The company plans to use the raised funds to strengthen its long-term resources and cover day-to-day expenses.

Entrackr reported the development first.

Notably, the debts were issued for a tenure of 24 months and will carry an interest rate of 9.75% per annum.

Oxyzo is the fintech arm of unicorn OfBusiness. It 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.

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.

(The story will be updated soon)