OfBusiness launches AI-powered discovery platform Nexizo for SMEs

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Gurugram-based B2B marketplace OfBusiness has launched a new AI-powered discovery platform--Nexizo--for small and medium enterprises (SMEs) in the infrastructure and manufacturing sectors

The platform aims to simplify the discovery of relevant buyers, provide market insights for competitive intelligence, raw material price discovery, and streamline procurement processes through advanced AI technologies.

OfBusiness had previously launched a similar platform BidAssist. However, the team clarified that unlike BidAssist, which focuses on government tenders, Nexizo targets larger private-sector businesses, providing more advanced features suited to their complex needs.

"BidAssist will always be focused towards Govt. contractors (inherent market structures skews its user structure towards low & mid sized companies) while Nexizo is potentially for larger established players as the complexity & sophistication of solution expands multifold. Moreso, Nexizo will target private sector in due course," said Pyuish Upadhyay, CBO, Digital at OfBusiness, in a social media post.

According to the firm, the platform represents a step toward building a cohesive vertical commerce ecosystem that integrates materials, finance, and software solutions.

"We have evolved from an insights platform to a full-scale digital store, facilitating end-to-end transactions for high-value markets. We are already eyeing Rs 2,000 crore this fiscal (in just 24 months)," the CBO added.

The launch comes as OfBusiness prepares for a potential $1 billion IPO in the second half of 2025. In FY24, the firm reported a revenue of Rs 19,296 crore, up from Rs 15,343 crore in FY23, with a 30 percent spike in profit over the previous year to Rs 603 crore.

Founded in 2015 by Asish Mohapatra and Ruchi Kalra, OfBusiness has raised about $800 million from investors to date. The company's investors include SoftBank, Tiger Global, Z47 (formerly Matrix Partners), Creation Investments, Alpha Wave Global, Norwest Venture Partners, and others.

(With inputs from PTI)