In a year of growth and strategic moves, Oxyzo Financial Services — the B2B fintech and lending arm of OfBusiness — has announced strong financials for the year ended 31 March 2025. As per reviewed consolidated financials, Oxyzo has clocked INR 1,207 crore in operating revenue, up 33.7% YoY and INR 339 crore in net profit, up 16.5% YoY.
Oxyzo FY25 Results: Lending Strength Drives Growth
Coming off a breakout FY24 where Oxyzo grew 58% YoY to INR 903 crore and INR 291 crore in profit, FY25’s numbers reiterate Oxyzo’s position as one of India’s top fintech lenders.
Interest income was the mainstay of Oxyzo’s topline, accounting for 95% or INR 1,141 crore of the total operating revenue in FY25. The rest came through fees and commissions tied to their financial services for SMEs and startups.
Oxyzo’s total expenses for FY25 was INR 755 cr, up from INR 514 cr in FY24. Finance costs accounted for 58% of this, INR 439 cr — a reflection of its growing credit book. Employee benefit expenses rose to INR 143 crore, while legal, administrative, and impairment costs rounded out the remaining spend.
Despite this increase in expenses, the company has managed its cost well and ended up with INR 339 cr profit after tax — up from INR 291 cr in FY24.
Debt-Driven Expansion: INR 533 Cr Raised via NCDs
Oxyzo made headlines earlier this year with a big fundraise. Between March and April 2025, the company raised USD 62.4 million (~INR 533 cr) through 53,300 non-convertible debentures (NCDs) at INR 10 lakh each. This was led by Neo Group which invested INR 200 cr through its various investment arms and other institutions like Aditya Birla Sun Life AMC (INR 100 cr), Hinduja Leyland Finance (INR 75 cr) and Northern Arc Capital (INR 50 cr).
This marked Oxyzo’s second debt raise in 2025. In February, it secured INR 100 crore via secured NCDs from AK Capital Finance, carrying a 9.75% coupon rate and backed by 110% collateral, with maturity scheduled for February 2027.
The proceeds from these debt rounds are earmarked for daily business operations and increasing credit disbursement to India’s underserved SMEs — the core demographic Oxyzo has been catering to since its inception.
AUM, Risk Management and Future Outlook
Founded in 2016 by Ruchi Kalra, Ashish Mohapatra, Bhuvan Gupta, and Vasant Sridhar, Oxyzo has steadily evolved from being OfBusiness’s internal credit engine to a full-fledged, profitable NBFC. It offers structured credit products like supply chain financing, working capital loans, term loans and cash-flow based lending.
As of March 2025, the company’s Assets Under Management (AUM) was over INR 5,000 cr and loan book was INR 6,850 cr — up from INR 6,600 cr at the end of FY24. 70% of the book is secured and less than 0.9% of unsecured loans are overdue by more than 90 days, indicating Oxyzo’s strong risk management and underwriting discipline.
Credit rating agency ICRA has forecasted a 15–20% CAGR for Oxyzo’s loan book over the medium term. Supporting this expansion is the company’s liquidity buffer of INR 360 crore in cash and an additional INR 362 crore in unutilised funding lines.
Ownership and IPO Trajectory
Oxyzo’s cap table continues to be dominated by OfBusiness, which holds a 74.5% stake. Among external investors, Alpha Wave Global has 7.4%, Tiger Global, Norwest Venture Partners, Matrix Partners and Creation Investments.
The company made headlines in 2022 when it raised USD 200 million (~INR 1,712 crore) in its Series A and became a unicorn – the first Indian startup to do so at that stage.
While the timeline for Oxyzo’s IPO is not disclosed, industry sources say the company’s consistent fund raising, conversion into a public limited company and profitability make it a strong candidate for listing. This becomes more relevant as parent company OfBusiness is gearing up for a USD 1 billion (~INR 8,544 crore) IPO in H2 FY 2025.
Final Word
Oxyzo’s FY25 numbers cement its leadership in India’s fintech lending space. Top line growth, cost efficiency, risk management and capital raising shows it’s not just scaling but maturing. As India’s SME credit landscape evolves Oxyzo’s role will only get more important if it goes for IPO. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.