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IPO-bound OfBusiness raises Rs 100 Cr led by Cornerstone Ventures

EntrackrEntrackr ยท 5m ago
IPO-bound OfBusiness raises Rs 100 Cr led by Cornerstone Ventures
Medial

OfBusiness, an industrial goods and services procurement platform set to launch its IPO in the second half of 2025, has raised Rs 100 crore (about $11.7 million) led by Cornerstone Ventures. Previously, OfBusiness raised over $650 million across various rounds, including a $325 million round led by Alpha Wave, Tiger Global, and SoftBank, at a valuation of $5 billion. The proceeds from the new investment will be used to drive digital adoption and financing access for SMEs. Co-founded in 2016, OfBusiness provides raw material procurement and financing solutions to SMEs in the manufacturing and infrastructure sectors. The company reported a 25.8% year-on-year increase in revenue to Rs 19,296 crore for FY24, with a 30.2% profit growth to Rs 603 crore. OfBusiness competes with firms like Zetwerk, Infra.Market, and Moglix.

Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr

EntrackrEntrackr ยท 1y ago
Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr
Medial

Following a 2X jump in scale during FY23, industrial goods and services procurement platform OfBusiness continued its growth run as its revenue grew by 25.8% in the fiscal year ending March 2024. At the same time, the firmโ€™s profit spiked by 30% and crossed the Rs 600 crore mark. OfBusinessโ€™ revenue grew to Rs 19,296 crore in FY24 from 15,343 crore in FY23, according to the companyโ€™s consolidated financial documents reviewed by Entrackr. The sale of industrial goods (raw materials) and revenue from financial services offered to the buyers on their platforms were the primary sources of operating revenue for OfBusiness in FY24. The company also made Rs 232 crore from interest and other financial activities, tallying the overall revenue to Rs 19,529 crore in FY24. Being a goods and service procurement platform, the purchase of industrial goods and raw materials including construction materials, chemicals, and produce emerged as the largest cost centers, forming 88.5% of OfBusinessโ€™ total expenses during FY24. In the line of scale, this cost increased by 21% to Rs 16,543 crore in FY24. The firmโ€™s burn on employee benefits, finance, legal, conveyance, advertising, and other overheads took its overall cost up by 24.3% to Rs 18,696 crore in FY24 from Rs 15,037 crore in FY23. Note: OfBusinessโ€™ ESOP-related expenses for this year stood at Rs 32 Cr in FY24 which is similar to last year. The decent growth in scale and controlled expenditure helped OfBusiness to post a 30.2% increase in its profits to Rs 603 crore in FY24. Its ROCE and EBITDA margin improved to 12.33% and 7.44% respectively. On a unit level, OfBusiness spent Rs 0.97 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 6.30% 7.44% Expense/โ‚น of Op Revenue โ‚น0.98 โ‚น0.97 ROCE 9.28 12.23 OfBusiness has raised around $800 million including its $325 million Series G round in December 2021 where it was valued at $5 billion. According to the startup data intelligence platform TheKredible, Alpha Wave is the largest external stakeholder with 19.16% followed by Creation Investment and Matrix Partners. OfBusiness competes with Zetwerk, Infra.market, and Moglix. Zetwerk recorded Rs 11,449 crore GMV in FY23 while Infra. Market and Moglixโ€™s gross revenue stood at 11,846 crore and Rs 4,500 crore respectively in the same period (FY23).

XYXX announces ESOP buyback program

EntrackrEntrackr ยท 1y ago
XYXX announces ESOP buyback program
Medial

Men-focused premium innerwear and lifestyle brand XYXX has announced its first Employee Stock Ownership Plan (ESOP) buyback. XYXXโ€™s ESOP programme was introduced 4 years ago, and employees who have completed their tenure are eligible for the buyback. According to the firm, the eligible employees are allowed to liquidate at a 6X premium on the allotted price with zero strike price. XYXXโ€™s ESOP buyback programme currently includes employees spanning from senior managers to heads of departments as well as executive leadership. The buyback comes within a year of XYXXโ€™s $13.5 million Series C round led by Amazon Smbhav Venture Fund. XYXX claims to have pan-India presence with over 22,000 touchpoints through top Multi Brand Outlets (MBOs), a strong modern trade presence with Shoppers Stop, and Reliance Trends, amongst others as well as Exclusive Brand Outlets (EBOs) in multiple key cities. Its products are available on website (xyxxcrew.com) and available on e-commerce marketplaces including Amazon, Flipkart, Myntra and Ajio. On Monday, audio series platform Pocket FM announced its first ESOP buyback worth $8.3 million. As per data compiled by TheKredible, the total EOSP buyback/payout/liquidity stood at nearly $802 million in 2023. In 2021 and 2022, the buyback amount was recorded at $440 and $200 million respectively. In 2024, MyGate, Classplus and Meesho also completed their ESOP buyback scheme.

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