[Funding alert] OfBusiness lending unit Oxyzo turns unicorn with record $200M Series A from Tiger Global, Alpha Wave

Gurugram-based Oxyzo Financial Services, a tech-enabled smart financing solution provider, has announced its $200 million Series A fundraise led by Alpha Wave and co-led by Tiger Global, Norwest Venture Partners, Matrix Partners and Creation Investments. The round values the company at $1 billion.

According to an official statement, 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, and scaling other fee incomes business lines including debt capital markets and securities.

Oxyzo aims to continuously innovate in the B2B financial services space through end-to-end capabilities across origination, deployment, curated structuring and distribution enabled through technology. 

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. 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. We are very excited about our next phase of growth as we further embed ourselves digitally into the SME, mid-corporate and the new age supply chains.”

Founded in 2016 by Asish Mohapatra and Ruchi Kalra, Oxyzo started as a financing platform of Ofbusiness– a unicorn since July 2021 – to provide cash flow matched working capital financing for buying raw materials for SMEs in the traditional sectors of the economy such as manufacturing and subcontracting. 

In the next phase of its growth, the company expanded to value chains beyond OfBusiness’ B2B raw material platform with diversified product suite and a broader customer base to include SMEs, mid-corporates, as well as the new age economy.

With this, the firm has now leveraged its strong supply chain data warehouse, based its cumulative disbursements of $2 billion+ across 30,000+ nodes to build a digital supply chain and embedded finance marketplace that aims to solve for the under-penetrated formal credit in the B2B economy.

Navroz D Udwadia, Co-founder and Partner at Alpha Wave Global, said,

“We’ve been fortunate to be their partners for a while, and have seen an impressive scale-up with best-in-class risk management despite strong headwinds from Covid. We look forward to helping build a high-single digit RoA business that compounds over a long runway.”

Reference:- https://yourstory.com/2022/03/fintech-startup-oxyzo-raises-seris-a-alpha-wave-tiger-global/amp