Turning Rejections into Billions💸
From 73 Rejections to a $5 Billion Valuation-The Extraordinary Journey of OfBusiness and Its Visionary Founder!
In the competitive world of startups, perseverance often determines the line between success and failure. Asish Mohapatra's journey with OfBusiness is a prime example of this.
Despite facing 73 rejections, Mohapatra's relentless pursuit led to the creation of a company now valued at $5 billion, proving that persistence, coupled with a clear vision, can overcome even the most daunting challenges.
The Humble Beginnings
In 2015, Asish Mohapatra, an IIT Kharagpur alumnus, embarked on his entrepreneurial journey by founding OfBusiness. The path was anything but smooth; potential investors turned him down 73 times.
Undeterred, Mohapatra continued to refine his business model, which eventually attracted the necessary support and funding.
By 2021, OfBusiness had not only achieved unicorn status (a valuation exceeding $1 billion) but rapidly surpassed a $5 billion valuation within months.
What is OfBusiness?
OfBusiness is a tech-driven platform catering to SMEs (Small and Medium Enterprises) in the manufacturing and infrastructure sectors.
It streamlines the procurement of raw materials and offers financial services, including supplier and project financing.
The company leverages technology to enhance SME purchasing behaviors, ensuring clients receive superior products at competitive prices with quicker turnaround times.
Critical raw materials such as metals, chemicals, polymers, agricultural commodities, petrochemicals, and construction materials are sourced efficiently through their platform.
The firm also launched 'BidAssist' in 2017, a free service helping SMEs discover new opportunities and receive personalized recommendations based on their profiles.
Additionally, OfBusiness' financial arm, Oxyzo Financial Services, provides SMEs with cash flow-based financing to purchase raw materials, enhancing their operational capabilities.
Impressive Financial Growth
OfBusiness has demonstrated remarkable financial growth, reflecting its successful business model and strategic diversification.
Revenues soared from Rs 1757 crore in 2020-21 to Rs 7269 crore in 2021-22. By FY23, the company crossed the Rs 15,000 crore revenue mark, posting a profit of Rs 463 crore.
Mohapatra's vision of making OfBusiness the first startup with a $100 million profit after tax (PAT) firm appears increasingly attainable.
The Power Duo: Asish Mohapatra and Ruchi Kalra
Mohapatra’s journey was supported by his wife and co-founder, Ruchi Kalra.
Together, they have been instrumental in steering the company towards profitability, defying the prevalent "burn and grow" philosophy that many startups adopt.
Instead, Mohapatra stayed true to his principle of achieving profitability per transaction—a lesson rooted in his upbringing by his mother, a physics professor.
Their combined efforts and steadfast belief in their vision have been key to OfBusiness' success.
Team and Leadership
The founding team of OfBusiness comprises Asish Mohapatra, Bhuvan Gupta, Ex Chandranshu Sinha, Nitin Jain, Ruchi Kalra, Srinath Ramakkrushnan, and Vasant Sridhar.
Each member brings a wealth of experience from prestigious institutions and companies like McKinsey, Religare, Royal Bank of Scotland, ITC, and Snapdeal. Their collective expertise has significantly contributed to the company’s growth and innovation.
A Bright Future Ahead
OfBusiness has ambitious plans for the future. The company aims to continue its exponential growth in both commerce and lending sectors.
With a focus on leveraging technology, the company plans to enhance its service offerings and expand its market reach.
OfBusiness is also preparing for an Initial Public Offering (IPO), targeting a domestic listing to further solidify its market presence and attract more investments.
In conclusion, Asish Mohapatra’s journey with OfBusiness exemplifies the power of perseverance, innovation, and strategic leadership. From repeated rejections to achieving a $5 billion valuation, OfBusiness stands as a testament to the fact that with determination and a clear vision, any entrepreneurial dream can become a reality.