Oxyzo FY24 operating revenue up 59% to Rs 903 crore, net profit at Rs 290 crore

03 Jun 2024

Oxyzo Financial Services, the lending arm of B2B commerce unicorn OfBusiness, has reported Rs 903 crore in operating revenue for FY24, up 59% from Rs 569 crore a year ago.

The Gurugram-based company’s net profit rose 47% to Rs 290 crore, from Rs 197 crore in FY23.

The revenue jump was primarily driven by a robust 61% growth in interest income to Rs 866 crore.

 While it is part of the OfBusiness group, Oxyzo was spun out as a separate entity in March 2022.

The financial services company raised fresh external funding of around $200 million at a unicorn valuation from large investors like Tiger Global, Alpha Wave Global and others. OfBusiness owns around 70% stake in Oxyzo, which is run by Ruchi Kalra, one of the cofounders of OfBusiness.

The company closed FY24 with a net worth of Rs 2,600 crore and gross NPA of 1.02%. Around 30% of its net assets are in the unsecured category. According to a report released by credit rating agency ICRA in September last year, Oxyzo works with 40 lenders including 27 banks.

As of the first half of FY24, Oxyzo had a total AUM (assets under management) of 5,238 crore. The lending company is focused on small and medium enterprises which use OfBusiness for a large part of their business. It offers short duration loans and businesses typically revolve the credit line through a cycle multiple times.

Source:- https://economictimes.indiatimes.com/tech/startups/oxyzo-fy24-operating-revenue-up-59-to-rs-903-crore-net-profit-at-rs-290-crore/articleshow/110594054.cms?from=mdr

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