OfBusiness completes 100% buyout of Indian Design, consolidates apparel vertical ahead of IPO next fiscal

The move comes on the back of a strong financial performance by the OfBusiness Group.

SoftBank-backed OfBusiness, a leading B2B commerce and financing platform, will be acquiring the remaining 30% equity in Indian Design, a Bengaluru-based garment and home textile manufacturer, months after picking a majority stake.

The move is part of OfBusiness's broader strategy to consolidate its commerce businesses with full ownership across its four verticals – Metals, Apparels, Chemicals and Agri Processing – ahead of its planned listing in the coming fiscal.

Moneycontrol exclusively reported in June 2025 that OfBusiness is in advanced talks to acquire stake in Indian Design, marking its fifth such deal in four years as it accelerates a shift toward a manufacturing-driven model.

Indian Design, which clocks ₹1,300 crore in annual revenue and supplies to global brands including H&M, GAP, Old Navy, Columbia and IKEA, will deepen OfBusiness’s apparel network. Combined with OfBusiness’s existing relationships with Zara, Abercrombie & Fitch, Michael Kors, Uniqlo, Adidas and Skechers, the platform now serves an expansive roster of global fashion retailers.

“With this acquisition, our apparel vertical reaches approximately ₹3,000 crore in revenue, with nearly 80% coming from exports,” said co-founder Vasant Sridhar. “More importantly, we’re building a one-stop sourcing and design hub across garments, accessories and footwear- a single platform for global brands looking to consolidate their supply chains.”

The move comes on the back of a strong financial performance by the OfBusiness Group. For FY25, the company reported ₹22,241 crore in consolidated revenue and ₹597 crore PAT, supported by a consolidated net worth of ₹9,400 crore and cash reserves of over ₹2,500 crore. Meanwhile, Oxyzo, the company’s lending arm, recorded an asset base of ₹9,200 crore with NPAs at 1.1% as of March 2025.

With global apparel brands increasingly looking to consolidate sourcing and diversify supply chains, the company is positioning itself as an end-to-end partner spanning design, manufacturing, financing and supply chain visibility.

As OfBusiness gears up for its IPO, it is consolidating its key commerce subsidiaries into the holding company across the four verticals through an NCLT-approved merger process. This initiative aims to create a simplified and unified corporate structure ahead of the planned public listing next fiscal year.

Founded in 2015, Gurugram-based B2B raw material fulfilment platform OfBusiness has been diversifying beyond its original commodity aggregation business, which is susceptible to intense competition from both organised and unorganised players, by acquiring brands and manufacturers to build private labels and integrated supply chains.

Backed by investors like SoftBank Group, Tiger Global, Z47, Zodius Capital, Creation Capital, Falcon Edge, and Norwest Venture Partners, OfBusiness has raised Rs 5,370 crore in equity to date.

The company has publicly stated its intent to launch a $1 billion IPO in FY26 to support expansion across its industrial and consumer verticals. Part of this capital is expected to go into its Rs 3,000 crore capex plan to double steel capacity. The firm has already converted into a public entity in January this year--a critical step before IPO--and raised Rs 100 crore debt from Cornerstone Ventures.