OfBusiness spins out another unicorn 🦄

What happened — Oxyzo, the lending arm of B2B commerce-platform OfBusiness (which is already a unicorn itself BTW) closed a huge $200 million Series A from Alpha Wave Global, Tiger Global and a few others, at a $1 billion valuation.

That would be the largest Series A by an Indian venture to date, and 2022’s 13th unicorn.

OfBusiness, which basically runs a marketplace for SMEs to procure raw materials, kicked off Oxyzo in 2016 as its subsidiary to offer SMEs on its platform working capital financing, and build an additional revenue stream.

Over time, the business branched out to serve outside customers as well, having processed more than $2 billion in total loan volumes to date. Their loan book stands at about ~$350 million today, with 3,000+ customers.