Matrix Backed Oxyzo Financial Services Raises $200M Series A

Oxyzo started as an OfBusiness Group financing platform that provided working capital financing with cash flow for the purchase of raw materials for SMEs in the traditional sector

Oxyzo Financial Services, a provider of smart technology-based financing solutions, announced its $200 million Series A raise led by Alpha Wave and co-led by Matrix Partners India, Tiger Global, Norwest Venture Partners and Creation Investments.

Oxyzo began as a financing platform of OfBusiness Group which provided working capital financing with cash flow for the purchase of raw materials for SMEs in traditional sectors of the economy such as manufacturing and outsourcing. In the next phase of its growth, Oxyzo expanded into value chains beyond OfBusiness’s B2B commodities platform with a diverse product range and broader customer base to include SMEs, medium companies, as well as the new economy.

As Asish Mohapatra, Group CEO OfBusiness commented, “Oxyzo has inherited the highest standards of corporate governance and compliance from its parent company OfBusiness, which has been instrumental in ensuring both entities are the first to be rated A+ (by ICRA), in their respective categories. OfBusiness and Oxyzo both have strong borrowing profiles and are trusted by more than 50 financial institutions. The company believes that the growth of new talent, coupled with appropriate experience and risk architecture, has been at the heart of innovation and execution.”

Commenting on the increase, Ruchi Kalra, Co-Founder and CEO of Oxyzo, said, “With the emergence of the digital economy, we are seeing a marked change in the emerging needs and service approach in the B2B segment. We want to be at the forefront as a diversified financial services company, differentiated by its innovative financial products and digital platforms through strong credit and origination capabilities. We are very excited about our next phase of growth as we become more digitally integrated into SME, midsize and new-age supply chains. »

Commenting on the fundraiser, Vikram Vaidyanathan, Managing Director of Matrix India, said, “We have been fortunate to be at the forefront of this journey with OfBusiness and Oxyzo since day zero. Oxyzo’s excellent execution, coupled with a strong focus on asset quality, sets it apart in the fintech landscape. We believe the management team is just beginning to create an IPO-ready institution and we are excited to renew our partnership. »

Commenting on the increase, Navroz D. Udwadia, Co-Founder and Partner of Alpha Wave Global, said, “We are delighted to support Ruchi, Vasant and his team as they evolve Oxyzo to become India’s leading platform focused on SME and structured supply chain finance. some products. We have been fortunate to be their partners for some time, and have seen impressive scaling with top notch risk management despite Covid headwinds. We look forward to helping build high single digit RoA business that builds up a long track. »

Niren Shah, Managing Director and Head of Norwest Venture Partners India, said, “We were delighted with our first investment in Ofbusiness and feel privileged to have the opportunity to partner with them again, this time together. -leading a $200 million round to finance Oxyzo, the SME Fintech business. We are impressed with how the Oxyzo team has built a high-growth company with strong corporate governance and we are even more excited to grow it into the most profitable and successful B2B fintech SME. most technological of India. We are proud to congratulate Ruchi on becoming India’s first female founder of a profitable fintech unicorn!

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