OfBusiness is heading for the stock market with a business that earns most of its revenue in one place and…
Two Engines, One Balance Sheet
OfBusiness is preparing for a stock market listing on a business model where revenue and profit come from different places. Commerce — raw material trading, manufacturing and apparel — produced 93% of the ₹20,472 Cr consolidated operating revenue in FY26. Financial services, led by its lending arm Oxyzo, contributed more than half of segment pre-tax profits at ₹505 Cr, against ₹422 Cr from commerce.
The company and Oxyzo have each separately reached unicorn status, a rarity in Indian B2B commerce, where peers such as Udaan, Moglix and Zetwerk have contended with losses. Infra.Market is another exception, reporting ₹220 Cr net profit on ₹18,472 Cr revenue in FY25.
Where The Money Is Made
Commerce operates across three layers. Trading aggregates demand from manufacturers and manages sourcing, pricing, quality and delivery; over 12,000 SMEs and emerging corporates transacted on OfCommerce in FY26 across 103 products. Manufacturing is the margin-improvement layer, with selective capacity added where the company sees supply chain value. Finished goods, including apparel, open new markets.
Customer discovery sits upstream. BidAssist, which matches companies with government tenders, crossed 1.3 Mn subscribers in FY26 and 1.7 Mn by October 2026. Nexizo, launched in 2025, offers AI-led buyer discovery and raw-material price insights. Neither platform’s standalone revenue is disclosed.
Why The Mix Matters
Commodity trading is high-volume and low-margin, leaving revenue exposed to price swings. In FY26, metals — the largest category — fell 20% to ₹10,434 Cr, chemicals rose 4% to ₹3,663 Cr, and food processing and other products dropped 55% to ₹1,636 Cr. OfBusiness attributed part of the contraction to exiting lower-return categories and discontinuing operations to prioritise margins and manufacturing integration, while also citing lower mild-steel prices and delays in two mega projects. The disclosures do not separate deliberate exits from…
Services related to this update
Want this handled for you?
Get a free expert consultation and an exact quote within 24 hours.
Get free quote
