SME financing platform Oxyzo raises $200m Series A, becomes unicorn
Oxyzo Financial Services, a digital platform for SME financing in India, has raised $200 million in a Series A round led by Alpha Wave, and reached a unicorn valuation status.
The round was also co-led by Tiger Global, Norwest Venture Partners, Matrix Partners and Creation Investments.
Oxyzo Financial Services team. Image source: Oxyzo
Oxyzo is a subsidiary of OFB Tech (also known as OfBusiness), a tech-enabled platform that facilitates raw material procurement and credit for SMEs with a focus on the manufacturing and infrastructure sectors. Like its parent, Oxyzo focuses on the raw materials industry, providing SMEs operating in this sector access to cash flow-based financing.
Key raw materials include metals, chemicals, polymers, agri-commodities, petrochemicals and building materials.
OfBusiness also offers a host of tech services for SMEs including BidAssist for new growth opportunities.
Oxyzo’s co-founder and CEO, Ruchi Kalra, notes that the financing stretches far beyond OfBusiness clients, with over 70% of lending going to companies outside of OfBusiness.
She says that Oxyzo has maintained a 100% year-on-year growth and has now reached $350 million assets under management. Furthermore, the company has been profitable since its inception in 2016.
“We are impressed with how the Oxyzo team has built a high-growth business with robust corporate governance and are even more excited with their vision to build this into India’s most profitable, tech-driven, B2B SME fintech player,” says Niren Shah, managing director and head of Norwest Venture Partners India (the firm was also an early investor in OfBusiness).
“We are proud to congratulate Ruchi on becoming the first female founder in India of a profitable, fintech unicorn!”
