Oxyzo Financial Services lands $200 million Series A

Oxyzo Financial ServicesThe lending arm of New Delhi-based business-to-business (B2B) startup OfBusiness, has raised $200 million in the largest Series A funding round for an Indian startup, according to a report on Wednesday (March 23rd) by The Economic Times.

Oxyzo became a unicorn in the process, or a private company with a $1 billion valuation. Alpha Wave Global and Tiger Global led the fundraising effort, with participation from Norwest Venture Partners, Matrix Partners and Creation Investments.

OfBusiness was valued at almost $5 billion in December last year after injecting $325 million in fresh capital, before making Oxyzo its own entity and allowing it to raise its own capital. All of OfBusiness’s investors, in addition to SoftBank, have also contributed capital to Oxyzo.

CEO of Oxyzo Ruchi Kalra and co-founder of OfBusiness Vasant Sridhar will focus on Oxyzo, according to the report.

“We operated Oxyzo as a separate unit within the OfBusiness group with its own team, and now the business has reached a point where it could raise capital on its own. For example, 70% of Oxyzo’s loans are outside of OfBusiness providers,” Kalra said.

OfBusiness, which has around 600 employees, owns 70-80% of Oxyzo after the latest round of investment.

Related: B2B Ofbusiness Platform Reaches $3 Billion Valuation

Ofbusiness hit a $3 billion valuation after closing a $200 million Series F funding round in September.

Earlier this year, Ofbusiness was valued at over $800 million after closing a $97 million funding round led by Falcon Edge Capital. Falcon Edge and fellow existing investor SoftBank Vision Fund II, which contributed $160 million in a previous round, were also part of the Series F funding round.

Ofbusiness provides raw material sourcing services to the manufacturing industry and extends credit to businesses through its Non-Banking Finance Company (NBFC) branch.

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