Fintech unicorn Oxyzo reports 185% jump in PAT at Rs 197 crore in FY23

For representational purpose.

OfBusiness' lending arm Oxyzo has reported a 2.8X or nearly 185 per cent jump in Profit After Tax (PAT) of Rs 197 crore in FY23 as against a PAT of Rs 69 crore reported in FY22 mainly on account of a rise in its total income.

Oxyzo's total income went up by nearly 80 per cent to Rs 562 crore during FY23 as against Rs 313 crore in FY22, as per the company's consolidated statements filed with the RoC (Registrar of Companies).

The firm's loan book is presently at Rs 4,800 crore and its total assets crossed Rs 5,000 crore in FY23.

"We crossed a loan book of Rs 4800 crore, driven by our strong origination capabilities maintaining a GNPA of less than 1 per cent, reflecting our sound risk management capabilities. We expect to cross Rs 8,200 crore of Assets Under Managamenet in FY24," said Ruchi Kalra, CEO of Oxyzo Financial Services in a media statement on Monday.

The firm's total expenses went up by 41 per cent to Rs 309 crore in FY23, as against Rs 219 crore reported in FY22.

Oxyzo was started in 2016 by Asish Mohapatra, Bhuvan Gupta, Ruchi Kalra and Vasant Sridhar as the lending platform of OfBusiness, providing cash flow and matched working capital financing for buying new materials for SMEs in sectors such as manufacturing and sub-contracting.

It diversified its product suite and widened the customer base to include SMEs, mid-corporates, as well as new-economy companies.

"Oxyzo intends to build further scale through our channel and co-lending partnerships with other financial institutions. In addition, the Company shall continue to invest and scale its debt capital markets and supply chain platforms for its Enterprise clients," the company's statement said.

In 2022, Oxyzo raised $200 million in its Series A raise from Alpha Wave, Tiger Global, Norwest Venture Partners, Matrix Partners, and Creation Investments and became a Unicorn startup.

As per the firm's statement, the Company presently has 40 lenders with 70 per cent of its borrowing from large public sector and private sector banks.

"Oxyzo has ended FY23 with a Rs 2,300 crore of net worth
and a Gross NPA of 0.9 per cent," the company's statement said.