Before its IPO, OfBusiness Becomes a Public Company

B2B marketplace unicorn OfBusiness has taken another step towards becoming a public business in anticipation of its initial public offering (IPO). On January 27, the board of OfBusiness approved a resolution to convert the company from a private to a public entity. According to the company's regulatory papers, OfBusiness changed its name from OFB Tech Private Limited to OFB Tech Limited after receiving board approval.

This comes after rumours circulated that OfBusiness intended to launch its $750 million to $1 billion initial public offering (IPO) in the second half of 2025. According to reports, it is aiming for an IPO valuation of $6 billion to $9 billion. Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta, and Nitin Jain founded OfBusiness in 2016. Through its platform, the company offers financing and raw material procurement services to SMEs in the manufacturing and infrastructure industries.

It assists clients in obtaining raw materials for the construction and infrastructure industries, as well as metals, chemicals, polymers, agri-commodities, and petrochemicals. At a valuation of $5 billion, OfBusiness last secured $325 million from investors such as Tiger Global, Softbank, and Alpha Wave Ventures II in December 2021. To date, it has raised around $878 million in total capital.

OfBusiness’ IPO Preparations

According to reports, OfBusiness has chosen five bankers to oversee its first public offering (IPO): Axis Capital, Morgan Stanley, JPMorgan, Citigroup, and Bank of America. A $200 million new issue of shares will be part of its public offering, with the remaining shares being offered for sale (OFS). In the fiscal year 2023-24 (FY24), the company claimed a 30% increase in net profit from INR 463.2 Cr to INR 603 Cr.

From INR 15,342.6 Cr in FY23 to INR 19,296.3 Cr in the year under review, operating revenue increased by more than 25%. Oxyzo Financial Services, the fintech division of OfBusiness that offers SMEs cash flow-based finance for the purchase of raw materials, is also aiming to go public. Over 70% of Oxyzo is owned by OfBusiness.

More Companies Opting for IPO this Year               

In 2025, more than 20 cutting-edge tech companies are considering going public amid the surge in startup IPOs. Among the firms hoping to debut on Dalal Street this year are ArisInfra, Ather Energy, BlueStone, Smartworks, and Razorpay.  Additionally, Lenskart, Groww, Zepto, and Pine Labs are preparing for their first public offerings.

Prior to its eventual public listing, Zepto, a Singapore-based firm focused on fast commerce, reverse-flipped to India earlier this month. Companies including Razorpay, Mensa Brands, Udaan, and Eriditus are also considering a "desh wapsi" in an attempt to profit from the nation's burgeoning startup scene and rekindled investor interest in cutting-edge digital equities.

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StartupTalkyNitin Konde