Oxyzo Financial Services Limited, the lending arm of the OfBusiness group, has raised Rs 100 crore through the issuance of non-convertible debentures (NCDs), according to a regulatory filing.
The allotment, made on February 18, 2025, saw merchant banker AK Capital Finance Limited emerge as a key investor, subscribing to 1,00,000 debentures, each priced at Rs 10,000.
The bonds carry an annual coupon rate of 9.75% and are set to mature in 24 months, on February 18, 2027. The debt issuance is secured by collateral equivalent to 110% of the outstanding principal.
Oxyzo, originally incorporated as a private entity before transitioning into a public limited company, has been a significant player in structured credit, offering supply chain financing solutions to businesses.
Its parent company, OfBusiness, a SoftBank-backed B2B marketplace for construction materials and SME financing, is in early discussions with investment bankers, including Kotak Investment Banking, for a potential $500 million IPO by August next year, YourStory had reported earlier.
The listing will include both primary and secondary share offerings. Oxyzo Financial Services, with over 70% ownership by OfBusiness, is also expected to go public but at a later stage.
OfBusiness, founded in 2015, has been one of India’s most profitable unicorns, reporting a net profit of Rs 463.3 crore in FY23, more than doubling from FY22.
The company’s revenue also doubled to Rs 15,300 crore. Oxyzo, which became a unicorn in 2022, reported nearly Rs 200 crore in profit on Rs 570 crore revenue in FY23.
