Fintech unicorn Oxyzo, the lending arm of IPO-bound B2B ecommerce startup OfBusiness, has secured INR 533 Cr (around $62.4 Mn) in a debt funding round led by Neo Group.

The Ruchi Kalra-led startup issued 53,300 non-convertible debentures (NCDs) at INR 10K apiece to multiple investors between March and April to raise the sum, as per regulatory filings sourced from the Registrar of Companies (RoC).

Of the total, Neo Group ploughed in INR 200 Cr in Oxyzo through its alternative asset management arm Neo Asset Management, wealth management arm Neo Wealth Partners, and its alternative investment funds (AIFs) – Neo Income Plus Fund and Neo Special Credit Opportunities Fund.

Additionally, Aditya Birla Sun Life AMC infused INR 100 Cr in the fintech startup, while Hinduja Leyland Finance invested INR 75 Cr. Northern Arc Capital invested INR 50 Cr in the startup.

The remaining amount was injected by Dezerv Securities, Nuvama Wealth, among others.

Responding to Inc42’s queries, Oxyzo said it plans to use the funds for its day-to-day business operations, including lending to SMEs.

Started in 2016 by Ashish Mohapatra, Bhuvan Gupta, Ruchi Kalra and Vasant Sridhar as the lending platform of OfBusiness, Oxyzo provides loans to SMEs for buying raw materials and machinery and meeting their supply chain & working capital requirements.

It also claims to have provided growth capital to over 20 new-age tech startups across sectors such as logistics, warehousing, mobility, D2C, SaaS, healthtech, clean tech, edtech and agritech till date. Currently, the NBFC claims to be serving over 5,000 SMEs across India and has assets under management of over INR 5,000 Cr.

Oxyzo turned unicorn in 2022 after raising $200 Mn in its maiden external funding round co-led by Alpha Wave Global and Tiger Global. Overall, it has raised a total funding of around $212 Mn to date and also counts Norwest Venture Partners, Matrix Partners and Creation Investments among its backers.

On the financial front, the Delhi NCR-based startup in the financial year 2023-24 (FY24) from INR 197.5 Cr in the previous fiscal year. Operating revenue jumped 59% to INR 903.3 Cr during the year under review from INR 569.9 Cr in FY23.

Last year, it was reported that Oxyzo was mulling to go for an IPO. However, there have been no further updates on it.

Meanwhile, OfBusiness, which owns a 70% stake in Oxyzo, is IPO in the second half of 2025. While the IPO is said to have a fresh issue of about $200 Mn, the remaining amount would be raised through an offer for sale. In preparation for its listing, OfBusiness in December last year.

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