An B2B fintech startup, Oxyzo reports that they had a revenue of Rs 903 crore in FY24. The startup has worked well in the fintech market; in past years, it reported over 58.4 percent year-on-year growth during the Fiscal year by the end of March. The startup’s revenue grew to Rs 903 crore in FY24 from Rs 570 crore in FY23. Oxyzo reported profit increased by 47% with almost Rs 300 crore threshold.
Oxyzo was formed by Ruchi Kalra to act as a lending arm for OfBusiness, which provides credit solutions to transform Startups and Small and Medium Enterprises into Large. The company offers customized to help SMEs expand their revenue, profit, and operations. The startup claims to be a leading lending option for all SMEs across the country. The company offers customized loan options, working capital, low-interest rates, and 48-hourloan processing. Oxyzo has been steadily making its place in the fintech market with over 58.4 percent year-on-year growth. The startup also reported Profit After Tax of Rs 291 crore.
According to Entrackr, 96% of total operating revenue was from the disbursement of loans and the rest of the income came from commissions and fees. The startup had its operating revenue increased by 61.3% to Rs 866 crore in FY24. The company offers specialized financial solutions for its clients and SMEs. The company claims to have a deep understanding of the business needs of SMEs. According to TheKredible, Alpha Wave is the biggest external stakeholder with 7.4% and OFB group including promoters owns 74.5 percent. The startup is backed up by Tiger Global, OFB group, and AlphaWave.
According to reports, India has seen a rapid increase in the fintech sector. This sector has opened various market opportunities in the country. Fintech startups are gaining lots of investment these months. Last week the total funding amount gained by startups in the fintech sector was reported to be $23.9 million across four deals. Oxyzo has been introducing innovative solutions and profitable services in the B2B market. The startup is predicted to get an increase in its valuation, as it raised around $200 million in 2022.
Conclusion:
Oxyzo, a B2B fintech startup announced its financial report for 2024. They earned Rs 903 crore in revenue during this time. The startup’srevenue grew to Rs 903 crore in FY24 from Rs 570 crore in FY23. Oxyzo reported profit increased by 47% with almost Rs 300 crore threshold. The startup claims to be a leading lending option for all SMEs across the country. Oxyzo has been steadily making its place in the fintech market with over 58.4 percent year-on-year growth. The startup also reported Profit After Tax of Rs 291 crore. The company claims to have a deep understanding of the business needs of SMEs. The startup is backed up by Tiger Global, OFB group, and AlphaWave. Alpha Wave is the biggest external stakeholder with 7.4% and OFB group including promoters owns 74.5 percent.
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