ET Startup Awards 2023: OfBusiness profits at scale to bag top prize
OfBusiness was voted as The Economic Times Startup of the Year 2023 surging ahead of competition on the back of strong revenue backed by handsome profits. The eight-year-old venture was feted for its value proposition and focus on SMEs, which are regarded as the backbone of India’s fast-growing economy.
The eleven-member jury chose the B2B venture, which is currently valued at about nearly $5 billion, over eyewear retailer Lenskart in a closely fought contest that included detailed discussions on the relative merits of both companies.
Elevate Your Tech Process with High-Value Skill Courses
Offering CollegeCourseWebsiteNorthwestern UniversityKellogg Post Graduate Certificate in Digital MarketingVisitIndian School of BusinessISB Applied Business AnalyticsVisitIndian School of BusinessISB Professional Certificate in Digital MarketingVisitNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisit
“There are some, very few, moments in life when you just feel grateful, happy, content and proud, all in one,” Asish Mohapatra, cofounder, and chief executive of OfBusiness told ET on being selected as the winner of India’s most coveted award for entrepreneurial excellence.
OfBusiness said that it has posted revenue of Rs 15,200 crore with profits of Rs 460 crore in fiscal 2023.
Commending the scale achieved by the company, one of the jurors remarked that it was more akin to a corporation rather than a startup. “They (OfBusiness) have decided on M&A also as a strategy which has added to their overall topline and bottom-line,” the person pointed out.
Earlier, Lenskart and OfBusiness had emerged as the top two contenders for the ET Startup of the Year award.
The jury debated the numerous factors that go into
