BENGALURU: Tech-enabled smart financing solution provider, Oxyzo Financial Services, has turned into a unicorn with $200 million funding.
The Series A round was led by Alpha Wave and co-led by Tiger Global, Norwest Venture Partners, Matrix Partners and Creation Investments. With this round, the company's valuation now stands at $1 billion.
Started as the lending platform of OfBusiness, Oxyzo diversified its product suite and widened the customer base to include SMEs and mid-corporates.
It has assets under management (AUM) of $350 million with a 100% Y-o-Y growth while maintaining its GNPA at 1.2%. It recently launched a fixed income and securities business line, and has achieved cumulative market volume of $1.6 billion in the last 6 months.
The start-up claims that it has been profitable since its inception.
Asish Mohapatra, OfBusiness Group CEO said, “Both OfBusiness and Oxyzo have a strong borrowing profile enjoying confidence across 50 financial institutions."
Ruchi Kalra, Co-founder and CEO, Oxyzo said, “With the emergence of the digital economy, we see a marked shift in the emerging needs and servicing approach in the B2B segment."
She added, "We want to be at the forefront of this as a diversified financial services company, differentiated through its innovative financial products and digital platforms on the back of strong credit and origination capabilities."
The funds will be used to expand Oxyzo’s broader digital financial services play organically and inorganically across a strong own balance sheet play, scaling the supply chain marketplace, launching innovative fixed income products for the SME space.