OfBusiness joins Ola and InMobi in a special club of unicorns

Mar 23, 2022, 12:02 IST

This is the first external round raised by Oxyzo, which was initially started as OfBusiness’ financing platform and was later made into a separate entity.OfBusiness

Oxyzo Financial Services has raised $200 million, marking its entry into the billion dollar startups club.
OfBusiness also joins Ola and InMobi in the list of companies that have at least two unicorns under their banner.
This is the first external round raised by Oxyzo, which was initially started as OfBusiness’ financing platform and was later made into a separate entity.

Oxyzo Financial Services — the lending arm of existing unicorn OfBusiness — has raised $200 million, marking its entry into the billion dollar startups club. With this, OfBusiness also joins Ola and InMobi in the list of companies that have at least two unicorns under their banner.

Ola and Ola Electric come under ANI Technologies’ banner, whereas InMobi and Glance are under InMobi Technology Services.

A unicorn, in startup parlance, is a company valued at or over a billion dollars. So far this year, Mamaearth, Lead School, DealShare, Livspace, Uniphore and Amagi are among the few startups that have been valued over a billion dollars.

Oxyzo Financial Services’s Series A round was led by Alpha Wave. Tiger Global, Norwest Venture Partners, Matrix Partners and Creation Investments also co-led the round.

This is the first external round raised by Oxyzo, which was initially started as OfBusiness’ financing platform and was later made into a separate entity. This is not only the largest Series A round ever for an Indian startup, but Oxyzo has also become the first startup to turn into a unicorn at a Series A round itself.

OfBusiness had entered the unicorn club last year in July, after it raised a $160 million round led by SoftBank. The seven-year-old company helps the country's small and medium businesses (SMEs) in getting raw materials online.

SEE ALSO
Could the days of mooching off Netflix accounts come to an end in India? Here’s what experts say
Infosys, Adani Ports, IOCL, HPCL, BPCL and other hot stocks on March 23
INTERVIEW: Chumbak to open more than 50 stores in the next 2-3 years