Oxyzo FY24 operating revenue up 59% to Rs 903 crore, net profit at Rs 290 crore

economictimes.indiatimes.com:

Oxyzo Financial Services, the lending arm of B2B commerce unicorn OfBusiness, has reported Rs 903 crore in operating revenue for FY24, up 59% from Rs 569 crore a year ago.

The Gurugram-based company’s net profit rose 47% to Rs 290 crore, from Rs 197 crore in FY23.

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The revenue jump was primarily driven by a robust 61% growth in interest income to Rs 866 crore.

While it is part of the OfBusiness group, Oxyzo was spun out as a separate entity in March 2022.

The financial services company raised fresh external funding of around $200 million at a unicorn valuation from large investors like Tiger Global, Alpha Wave Global and others. OfBusiness owns around 70% stake in Oxyzo, which is run by Ruchi Kalra, one of the cofounders of OfBusiness.

The company closed FY24 with a net worth of Rs 2,600 crore and gross NPA of 1.02%. Around 30% of its net assets are in the unsecured category. According to a report released by credit rating agency ICRA in September last year, Oxyzo works with 40 lenders including 27 banks.
As of the first half of FY24, Oxyzo had a total AUM (assets under management) of 5,238 crore. The lending company is focused on small and medium enterprises which use OfBusiness for a large part of their business. It offers short