OfBusiness net profit grows 30 percent to Rs 604 crore in FY24

Asish Mohapatra, OfBusiness CEO and co-founder

B2B e-commerce unicorn OfBusiness saw its consolidated profit after tax (PAT) grow 30 percent to Rs 604 crore in FY24, in a rare instance of a venture capital-backed unicorn netting more than Rs 500 crore in profits.

Online discount broker Groww, which logged a net profit of Rs 449 crore in FY23, is the only other VC-funded unicorn that may enter the Rs 500 crore profit club in FY24. Zerodha and Zoho have reported multi-thousand crore profits earlier but they have remained bootstrapped to date.

OfBusiness saw its revenue jump 25 percent from Rs 15,658 crore in FY23 to Rs 19,528 in FY24.

The unicorn’s eEmployee stock option (ESOP) related expenses for this year stood at Rs 32 crore, which is similar to last year.

The company is expected to make a dash for a public market debut soon, according to its investors. It was valued at $5 billion in its last funding round in late 2021 when the company raised $325 million led by investors such as Alpha Wave Global, Tiger Global Management and SoftBank.

Moneycontrol previously reported that OfBusiness' lending arm Oxyzo posted 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 $850 million.