Oxyzo turns Unicorn

The lending arm of business-to-business (B2B) commerce startup OfBusiness- Oxyzo Financial Services has raised its first external funding of $200 million. For any Indian startup, this is the largest series-A funding ever. With this round of Funding, Oxyzo has made its way into the Unicorn list of Startups. Any startup or company is said to become a Unicorn when its valuation reaches $1 billion. OfBusiness is backed by SoftBank. Oxyzo chief executive Ruchi Kalra told that this funding round was led by Alpha Wave Global and Tiger Global. It saw the participation of Norwest Venture Partners, Matrix Partners, and Creation Investments. Its parent company OfBusiness was valued at nearly $5 billion in December last year after a $325 million funding. Ruchi Kalra said: “We have operated Oxyzo as a separate unit as part of 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 lending from Oxyzo is outside the OfBusiness suppliers.” She further told that around 70-80% stake of the company is still owned by OfBusiness and it has a team of around 600 people.