Industrial goods and services procurement platform OfBusiness’ operating revenue has soared by 25.76% to Rs 19,296 crore in FY24 from Rs 15,343 crore in FY23 along with the profit surging by 30%, crossing the Rs 600 crore mark in the same period, as per the company’s financial statement.
The total revenue in FY24 was Rs 19,529 crore, with the inclusion of Rs 232 crore from interest and rest from other miscellaneous financial activities. The primary sources of the operating revenue for the startup in FY24 include the sale of raw materials and the revenue generated from the financial assistance to the SMEs.
The total cost for FY23 was Rs 15,037 crore which went up by 24.3% to Rs 18,696 crore in FY24. This increment was due to the increase in the overhead cost including employee benefits, advertising, finance, legal department, and more so.
While the ESOP expenses were the same as last fiscal year which was Rs 32 crore, the cost of industrial goods and raw materials such as construction materials, produce and chemicals increased by 21% from Rs 13,673 crore in FY23 to Rs 16,543 crore in FY24, forming most of the expenditure with 88.5%.
Overall, the Asish Mohapatra-led startup’s profits showed a growth of 30% from Rs 464 crore in FY23 to Rs 603 crore in FY24 with its ROCE and EBITDA margins also marking improvisation at 12.33% and 7.44% respectively. The business had to spend 0.97 to earn a rupee in the fiscal year ending March 2024.
The technology-driven SME financing platform has managed to raise so far $650 million with a $325 million Series G round led by Alpha Wave Global, Tiger Global and SoftBank Vision Fund in December 2021 at a valuation of $5 billion.
TheKredible reports that Alpha Wave holds the largest stakes among external stakeholders. In the Gurugram-based fintech startup with 19.16%. It gets competition from Infra.market, Zewerk, and Moglix. While OfBusiness’ revenue was Rs 15,343 crore in FY23, the revenues for Infra.market, Zetwerk and Moglix for the same period were Rs 11,846 crore, Rs 11,449 crore and Rs 4,500 crore respectively.
The Mohapatra-led fintech startup won the award for Startup of the Year at the Economic Times Startup Awards 2023. The CEO stated that the business aspires to expand its global footprint, go deeper into supply chain investments through investments, and promote acquisitions as part of its growth strategy as it plans to acquire 25 companies by the end of the ongoing financial year.
