OfBusiness is heading for the stock market with a business that earns most of its revenue in one place and most of its profits in another. Commerce, which spans raw-material trading, manufacturing and apparel, brings in almost all its sales. Yet its lending business, led by Oxyzo, contributes more than half its segment profits despite being a fraction of commerce’s size. Ahead of the IPO, the question is whether commerce can earn more from its scale, or whether lending will keep carrying the profits.

The startup began its journey by helping small and medium enterprises buy raw materials and access working capital. Over the past decade, it has gone from sourcing steel and chemicals for manufacturers to making some of those products itself, expanding into apparel and building a sizable lending business through Oxyzo.

Along the way, it has achieved something relatively rare in India’s B2B commerce sector. Not only has OfBusiness built a ₹20,000 Cr-plus profitable business, but both the company and its lending arm Oxyzo have independently achieved unicorn status.

That’s a notable contrast with B2B commerce peers such as Udaan, Moglix and Zetwerk, which have struggled with losses. Infra.Market is another exception, having reported ₹220 Cr in net profit on ₹18,472 Cr in revenue in FY25.

But as the company prepares for its stock market debut, its FY26 financials reveal an interesting shift. Consolidated operating revenue declined nearly 8% year on year, even as net profit climbed 21% to ₹724 Cr. More importantly, the business responsible for almost all its revenue isn’t the one contributing the most to its profits.

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