In a country like India, where small and medium enterprises (SMEs) form the backbone of the economy, access to timely financing can make or break a business. That’s where Oxyzo steps in—not just as another fintech, but as a lifeline. Born as a financing arm of OfBusiness, Oxyzo has now grown into a $1 billion fintech powerhouse, offering tailored business loans that empower thousands of businesses to scale smarter and faster.
From Internal Arm to Unicorn: Oxyzo’s Evolution
Oxyzo began its journey in 2016 as the financial services wing of OfBusiness, focused on helping SMEs solve their most urgent need—working capital. Over time, it evolved into a fully independent NBFC (Non-Banking Financial Company), mastering the art of business lending by tailoring credit solutions that understand the complex dynamics of Indian industries like manufacturing, subcontracting, and raw material trading.
In 2022, Oxyzo joined India’s prestigious unicorn club after raising a massive $200 million in Series A funding—one of the largest for a fintech startup. Notably, this milestone made it one of the rare female-led unicorns in the Indian ecosystem, with co-founder Ruchi Kalra breaking barriers in a male-dominated sector.
What Makes Oxyzo Unique?
Oxyzo isn’t your typical lender. It combines technology, data, and a deep understanding of SME cash flows to offer personalized financing solutions. Whether it’s working capital loans, purchase order financing, or collateral-free borrowing, the company’s suite of products is designed to adapt to real-world business challenges.
Key differentiators include:
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Loan approvals in just 48 hours
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Paperless, fully digital application process
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No collateral requirements
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Customized repayment options synced with business cash flow
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Access to purchase financing and supplier linkages
It’s not just about providing capital—it’s about empowering businesses to use that capital wisely and profitably.
A Peek into the Business Model
Oxyzo focuses on serving SMEs with annual revenues ranging from ₹5 to ₹500 crores. These are businesses that often struggle to secure loans from traditional banks due to collateral requirements. Oxyzo steps in with cash-flow-based financing and access to raw materials through its synergy with OfBusiness.
Its primary source of revenue is interest income, which made up over 94% of its ₹537 crore operating revenue in FY 2023. The remaining comes from fee-based services, including debt capital markets and securities. In FY 2024, Oxyzo posted ₹903 crores in revenue and a remarkable ₹290 crores in net profit—clear indicators of strong financial health.
Meet the Visionary Founders
At the heart of Oxyzo’s success are co-founders Ruchi Kalra and Asish Mohapatra, a dynamic husband-wife duo also responsible for founding OfBusiness. Ruchi, a former McKinsey executive and IIT-ISB alumna, currently leads Oxyzo as CEO. Her strategic foresight and financial acumen have been pivotal in driving innovation in credit delivery.
Asish, on the other hand, manages OfBusiness and brings a strong background in venture capital and operations from his time at Matrix Partners. Their combined experience and complementary strengths have created a fintech juggernaut.
Key team members like Vasant Sridhar (IIT Madras alumnus and former ITC executive) have also played critical roles in shaping Oxyzo’s roadmap across commerce, logistics, and lending.
Empowering 5,000+ SMEs and Counting
Oxyzo’s impact is measurable—more than 5,000 SMEs have already benefited from its financing solutions. With an AUM (Assets Under Management) crossing ₹5,000 crores, the company is making it possible for businesses to scale, hire, and thrive in the face of economic challenges.
The Competitive Landscape
In the fintech space, Oxyzo isn’t alone. Competitors like Veritas Finance, CapitalSetu, and Finflux offer alternative financing models. However, Oxyzo’s integrated model, quick approvals, and tailored lending give it a distinct advantage. The company also stands out due to its use of advanced credit algorithms that speed up disbursal without compromising on risk evaluation.
Recognition and Milestones
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Crowned ‘New Unicorn of the Year 2022’
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Winner of CII’s Emerging Startup of the Year (2024)
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Named Fintech Champion by Financial Express (2021)
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CRISIL ‘A’ Stable Rating
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Record-setting $200M Series A funding round
What Lies Ahead for Oxyzo?
With OfBusiness eyeing an IPO, Oxyzo is preparing for its own independent fundraising within the next 6–12 months. Backed by marquee investors like Alpha Wave Ventures, Tiger Global, and Matrix Partners, Oxyzo’s goal is clear: become the go-to credit partner for India’s industrial backbone.
As it moves forward, the company is also building a tech-powered marketplace to connect SMEs directly with suppliers—offering both financing and procurement solutions on a single platform. The future is frictionless, fast, and digital—and Oxyzo is leading the way.
Wrapping Up
Oxyzo is more than just a fintech story; it's a beacon of what Indian startups can achieve with clarity of purpose, strong leadership, and innovation. From solving working capital woes to creating an integrated credit-and-commerce platform, Oxyzo is transforming how Indian businesses finance their futures.
And the fact that it’s co-led by a woman entrepreneur only adds to its inspirational legacy. In a country where funding is often skewed by gender and scale, Oxyzo stands tall as a symbol of possibility, progress, and purpose.
Frequently Asked Questions (FAQs)
Q1. What does Oxyzo do?
Oxyzo offers working capital and custom financial solutions to SMEs across India. It helps businesses manage cash flows and scale operations efficiently.
Q2. How is Oxyzo different from traditional banks?
Unlike banks, Oxyzo offers collateral-free loans, faster approvals (within 48 hours), and tailored repayment terms suited to SME business cycles.
Q3. Who founded Oxyzo?
Oxyzo was co-founded by Ruchi Kalra and Asish Mohapatra in 2016. Ruchi is currently the CEO of Oxyzo, while Asish leads OfBusiness.
Q4. How much funding has Oxyzo raised?
In its Series A round, Oxyzo raised $200 million, making it one of the few Indian startups to hit unicorn status in its first round.
Q5. Can I apply for a loan with Oxyzo online?
Yes, Oxyzo’s entire loan application process is digital. You can apply, upload documents, and track approvals through its online platform.
Q6. What documents are required to apply for financing?
You’ll need KYC documents, GST returns, bank statements, and financials. The process is streamlined for ease and speed.
Q7. Are there pre-closure charges?
No, Oxyzo does not charge any pre-closure or minimum usage fees, offering more flexibility to borrowers.