OfBusiness, the innovative B2B commerce and financial services platform serving small and medium enterprises (SMEs), has reported remarkable financial results for fiscal year 2023. The company delivered ₹4,633 crore (~$550 million) in profit alongside billion-dollar revenues, cementing its position as one of India’s most successful B2B platforms.
Record-Breaking Financial Performance
The company’s unique hybrid model combining commerce with embedded finance has proven exceptionally successful in the Indian SME sector. OfBusiness provides raw material procurement and credit solutions to manufacturing and infrastructure businesses, addressing a critical gap in the market.
Key Growth Drivers
Several factors contributed to OfBusiness’s outstanding financial year:
- Expanded client base: Added 5,000+ new SME clients across manufacturing and infrastructure sectors
- Credit offerings: Disbursed over ₹15,000 crore in credit to SMEs during the fiscal year
- Tech integration: Enhanced platform capabilities with AI-driven credit assessment and inventory management
- Sector diversification: Grew presence in chemicals, agriculture inputs, and building materials
Market Impact and Future Plans
The impressive financial results position OfBusiness as a leader in the B2B fintech space. The company’s success comes at a time when many tech startups are facing valuation pressures and profitability challenges.
Looking ahead, OfBusiness plans to:
- Expand into new industrial verticals with high working capital needs
- Enhance its supply chain financing solutions
- Develop more customized credit products for SME segments
- Explore international markets with similar SME financing gaps
Industry analysts note that OfBusiness’s performance sets a new benchmark for B2B fintech platforms, demonstrating that substantial profitability is achievable while serving the traditionally underserved SME sector.
