Fintech unicorn Oxyzo's FY24 revenue crosses Rs 900 cr, PAT at Rs 290 cr

Oxyzo reports FY24 numbers

OfBusiness' lending arm Oxyzo has reported a consolidated operating revenue of Rs 903 crore in financial year 2024, a growth of around 58 percent year-on-year (YoY) on the back of rise in their B2B loan disbursals, as per the firm's filings with the BSE.

The fintech unicorn has reported a profit after tax of around Rs 290 crore, up nearly 47 percent YoY, on the back of rise in total income during the year. The company has assets under management of $350 million.

Oxyzo's total expenses went up above 66 percent to Rs 514 crore as against Rs 309 crore. The company's employee benefit expense went up 48 percent to 115 crore.

Oxyzo reported a 2.8X or nearly 185 percent jump in Profit After Tax (PAT) of Rs 197 crore in FY23 and its total income went up by nearly 80 percent to Rs 562 crore during FY23.

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.

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 percent of its borrowing from large public sector and private sector banks.