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

EntrackrEntrackr · 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 firm’s profit spiked by 30% and crossed the Rs 600 crore mark. OfBusiness’ revenue grew to Rs 19,296 crore in FY24 from 15,343 crore in FY23, according to the company’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 OfBusiness’ total expenses during FY24. In the line of scale, this cost increased by 21% to Rs 16,543 crore in FY24. The firm’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: OfBusiness’ 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/₹ of Op Revenue ₹0.98 ₹0.97 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 Moglix’s gross revenue stood at 11,846 crore and Rs 4,500 crore respectively in the same period (FY23).

EaseMyTrip to raise Rs 500 Cr to scale hotels and holidays biz

EntrackrEntrackr · 11d ago
EaseMyTrip to raise Rs 500 Cr to scale hotels and holidays biz
Medial

EaseMyTrip to raise Rs 500 Cr to scale hotels and holidays biz Listed online travel platform EaseMyTrip is planning to raise up to Rs 500 crore to fuel its next phase of growth, according to a disclosure filed with the stock exchanges on Monday. The fundraising may be executed in one or more tranches through permissible routes under applicable laws, including a rights issue, qualified institutions placement (QIP), preferential issue, private placement, or other approved methods. Detailed terms such as the size, pricing, structure, and timing of the issue will be finalised in line with market conditions and regulatory requirements. As per the company, the capital raise is aimed at strengthening EaseMyTrip’s presence in high-potential segments, particularly hotels and holiday packages, while also supporting investments in technology, platform upgrades, and strategic opportunities aligned with its long-term roadmap. “The proposed capital raise of up to Rs 500 crore is about being ready. It gives us the flexibility to invest at the right time, whether in technology or strategic opportunities that fit our larger vision,” said Nishant Pitti, Founder and CMD of EaseMyTrip. He added that the company will continue to maintain a disciplined approach to capital allocation, with a sharp focus on sustainable growth and long-term value creation. Founded in 2008, EaseMyTrip is among India’s largest online travel-tech platforms in terms of air ticket bookings. The bootstrapped company has built a diversified presence across air and non-air categories, including hotels, holidays, trains, buses, and cabs, and is now looking to deepen its integrated travel ecosystem as competition intensifies in the segment. During Q3 of the ongoing fiscal year, the company reported revenue of Rs 151 crore, while its profit declined 90% year-on-year to Rs 3.4 crore in Q3FY26. Currently, EMT’s shares are trading at Rs 7.32, with a total market capitalisation of Rs 2,662 crore.

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

EntrackrEntrackr · 10m 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.

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