B2B unicorn Ofbusiness’s revenue more than doubled and profits grew 2.3X in the 2022-23 financial year.
According to its consolidated financial statements filed with the Registrar of Companies, the company’s profits surged to Rs 463 crore, compared to Rs 201 crore in FY22, while its GMV (gross merchandise value) grew 2.14X to Rs 15,342 crore in FY23, from Rs 7,140 crore in FY22.
The growth in profits was driven by its huge scale and good control on overheads, according to media reports.
Ofbusiness supplies raw materials such as steel, petrochemicals, and agri products to companies across different supply chains. In March this year, the company launched an app to help medium, small, and microbusinesses procure raw materials and get access to credit.
Ofbusiness saw its cost of procurement of raw material surge to Rs 13,868 crore, from Rs 6,000 crore last year. The company’s total expenses for FY23 were Rs 15,037 crore (Rs 6611 crore in FY22).
Ofbusiness’s subsidiary—Oxyzo—registered a revenue of Rs 570 crore during FY23 (Rs 319 crore in FY22).
The company’s net positive results come at a time when its rival Zetwerk raised $120 million at a flat valuation. Its other rival Infra.Market is yet to post its FY23 results.
Edited by Swetha Kannan
