OfBusiness Introduces Nexizo, an AI-Powered Discovery Platform Designed for SMEs

Nitin Konde, Varun Bhardwaj

Jan 4, 2025 — 2 min read

OfBusiness Launches Nexizo: AI-Powered Discovery Platform for SMEs

For small and medium-sized businesses (SMEs) in the industrial and infrastructure industries, the Gurugram-based B2B marketplace OfBusiness has introduced Nexizo, a new AI-powered discovery tool. Through the use of cutting-edge AI technology, the platform seeks to expedite procurement procedures, simplify the process of finding qualified buyers, and offer market insights for competitive intelligence and raw material price discovery.

BidAssist was a comparable platform that OfBusiness had previously introduced. The team did, however, clarify that Nexizo targets larger private-sector companies and offers more sophisticated features tailored to their intricate requirements, in contrast to BidAssist, which concentrates on government tenders.

While Nexizo may be for larger, more established organisations as the complexity and sophistication of the solution increase multifold, BidAssist will always be geared towards government contractors (natural market mechanisms slant its user structure towards tiny & mid-sized companies). Furthermore, in a social media post, Pyuish Upadhyay, CBO, Digital at OfBusiness, stated that Nexizo will eventually target the private sector.

Platform Focuses on Building Cohesive Vertical Commerce Ecosystem

The platform, according to the company, is a step in the direction of creating a unified vertical commerce ecosystem that combines software, finance, and materials. From an insights platform to a full-fledged digital shop, OfBusiness has developed to enable end-to-end transactions for high-value marketplaces. According to the CBO, the brand is already targeting INR 2,000 crore this fiscal year (in just 24 months).

The announcement coincides with OfBusiness's preparations for a possible $1 billion initial public offering (IPO) in the second half of 2025. The company generated revenue of INR 19,296 crore in FY24, up from INR 15,343 crore in FY23, and its profit increased by 30% to INR 603 crore in FY24.

More About OfBusiness’ IPO

Asish Mohapatra and Ruchi Kalra founded OfBusiness in 2015, and to date, the company has raised over $800 million from investors. SoftBank, Tiger Global, Z47 (previously Matrix Partners), Creation Investments, Alpha Wave Global, and Norwest Venture are among the investors in the business. Through its IPO, which will include a new $200 million issue, it hopes to raise up to $1 billion. It wants to be valued between $6 billion and $9 billion. Five investment bankers—Axis Capital, Morgan Stanley, JPMorgan, Citigroup, and Bank of America—were named the book runners for OfBusiness's initial public offering (IPO) bid in November. Cofounder Jain stated at the time that OfBusiness will prioritise increasing its profitability prior to pursuing an IPO.