As part of continuing trade talks with Washington, India is considering eliminating import levies on US liquefied petroleum gas (LPG) and ethane. According to media reports, this move is intended to increase fuel imports from the US and is consistent with India’s plan to remove import duties on US liquefied natural gas (LNG). Butane, propane, and ethane—all necessary for the production of petrochemicals and cooking gas—are currently subject to a 2.5% import tariff. India bought 18.5 million metric tonnes of LPG, mostly from the Middle East, for $10.4 billion in the fiscal year 2023–2024. With 65,000 barrels per day last year, India is now the second-largest importer of US ethane after China. However, due to restricted ship availability, storage, and processing capacity, logistical problems make it difficult to increase US ethane imports. Energy Aspects analyst Cheryl Liu pointed out that it will be difficult for the US to boost ethane shipments to India. It is because India appears to have already maximised its usage of ethane as a feedstock due to advantageous present margins. The main purchaser of ethane, Reliance Industries, a significant participant in India’s petrochemical industry, highlights the difficulties in growing this trade.
India Aims to Broaden its Bilateral Trade with US
India’s intentions are a part of a larger trade pact that aims to offset a $45.7 billion trade surplus that now favours India by increasing bilateral trade with the US to $500 billion by 2030. Officials from the finance and commerce ministries will make the final judgement on these duty reductions. Logistical issues continue to be a major obstacle to increasing US ethane imports in the near future, notwithstanding the possible economic advantages. Washington and New Delhi agreed in February to work together on the first phase of a trade deal that is anticipated to be completed by the end of this year. In addition to resolving India’s $45.7 billion trade imbalance, the objective is to increase bilateral trade to $500 billion by 2030. Sources inside the Indian government claim that representatives from the finance and commerce ministries would ultimately decide whether to lower tariffs.
LPG Import the Right Choice for India
Given that India imports over 60% of its LPG needs, the import scenario offers a simpler opportunity for the country. In terms of logistics, it is easier to increase LPG imports than ethane, according to Prashant Vashisth, vice president of Moody’s affiliate ICRA. This approach supports India’s objective of negotiating advantageous economic terms with the US while securing a steady energy supply. India keeps looking for the best ways to strike a compromise between its trade goals and its energy import requirements as trade negotiations move forward. The conversations reveal a calculated desire to increase economic relations with the United States while diversifying energy sources.
It will help unlock government benefits for MSMEs on the Tide platform through easy digital registration.
Aims to accelerate formalisation for MSMEs on its platform
Improve access to credit and incentives from over 800 government schemes
Bridge the awareness gap in MSME funding and compliance
Tide in India, a leading business management platform, announced its strategic partnership with eMSME, a pioneering fintech platform dedicated to simplifying access to government schemes, funding, and compliance solutions for Micro, Small, and Medium Enterprises (MSMEs). This collaboration introduces three essential services – GST Registration, Udyam Registration, and Scheme Discovery Reports – exclusively for Tide members in India.
The new features on Tide will fast-track MSME formalisation by simplifying GST and Udyam registration – unlocking access to credit, government benefits, and the wider digital economy. Formalisation is key to unlocking credit, government incentives, and entry into the digital economy – benefits often out of reach for unregistered businesses.
Small and micro businesses in India often operate without official registration, which can be challenging. Tide and eMSME aim to bridge this gap by offering seamless access to vital registration services and government benefits. The partnership will help Tide’s 650,000 members to easily navigate business compliance and unlock growth opportunities.
Key Services Launched:
GST Registration: Facilitates businesses in obtaining a Goods and Services Tax (GST) number, ensuring compliance with taxation norms and enabling smoother financial operations.
Udyam Registration: Simplifies registering as an MSME, granting access to various government schemes, subsidies, and incentives designed to promote business growth.
Scheme Discovery Report: Provides personalised reports that identify government schemes from a pool of over 800 options, tailored to the needs and profiles of individual businesses.
Gurjodhpal Singh, CEO of Tide in India, said: “At Tide, we’re committed to empowering small businesses by simplifying access to financial and compliance services. Our partnership with eMSME bridges the awareness gap that holds many entrepreneurs back from leveraging government support. Scheme Discovery is a game-changer, helping MSMEs identify the right schemes, understand their eligibility, and unlock critical incentives. By integrating these tools into the Tide platform, we’re making it easier for small businesses to formalise, grow, and succeed in today’s dynamic economy.”
According to the Department of Revenue, Ministry of Finance, 1.3 crore MSMEs (21%) were registered with GSTINs as of December 2024. In addition to incentivising businesses to move from the informal to the formal sector, GST helps MSMEs get a competitive edge in domestic and global markets by reducing costs through ITC. Moreover, the streamlined tax system also helps MSMEs integrate into organised supply chains, increasing their market reach. This means that about 80% MSMEs are losing out on major opportunities that come with formalisation, and Tide’s effort under this partnership will help them get over the line.
The Scheme Discovery feature is vital for Indian MSMEs, many of whom remain unaware of government schemes designed to support them. Tide’s Bharat Women Aspiration Index 2024 found that nearly 95% of women entrepreneurs don’t know about existing financial schemes (Awareness of Central Sector Scheme among the Entrepreneurs in MSME Sector: An Investigative Study). This lack of awareness extends across the broader MSME sector, especially in rural areas, leaving countless businesses unable to access crucial support and growth opportunities.
The Scheme Discovery feature directly addresses this gap by enabling SMEs to identify relevant government schemes and assess their eligibility, helping them adopt a more targeted and effective approach to accessing essential finance and resources.
CA Tanishq Hingad, COO, eMSME, “For many entrepreneurs, figuring out where to start — whether it’s with registrations, compliance, or accessing government support — can feel overwhelming. This collaboration with Tide brings these critical services together on a single, easy-to-use platform, helping members access what they need without confusion, delays, or complexity. This collaboration with Tide is a big step toward our vision of revolutionising the MSME ecosystem and letting entrepreneurs focus on what matters most: growing their business.”
Among the many benefits of the official registration of businesses with government authorities, these are some of the most significant ones:
Ease of Taxation: Simplifies the process of filing business and income taxes, ensuring compliance and reducing administrative burdens.
Improved Cash Flow: Enables businesses to claim input tax credits, enhancing liquidity and financial management.
Access to Government Schemes: Opens doors to thousands of government-sponsored benefits aimed at promoting entrepreneurship and business expansion.
India has over 6.3 crore MSMEs, but a large proportion remains unregistered, limiting their ability to scale and benefit from formal financial systems. By offering a seamless way to register and discover relevant schemes, Tide is not only helping small businesses unlock growth opportunities but also contributing to India’s vision of a stronger, more resilient MSME sector that drives economic development and job creation.
About Tide
Founded in 2015 and launched in 2017, Tide is the leading business financial platform in the UK. Tide helps SMEs save time (and money) in the running of their businesses by not only offering business accounts and related banking services, but also a comprehensive set of highly usable and connected administrative solutions from invoicing to accounting. Tide has 650,000 SME members in the UK (11% market share) and 650,000 members in India. Tide launched in Germany in May 2024. Tide has also been recognised with the Great Place to Work certification two consecutive years in a row (2023-24 and 2024-25).
Tide employs more than 2,000 Tideans worldwide. Tide’s long-term ambition is to be the leading business management platform globally.
About eMSME
eMSME, a brand of AJVA Fintech Pvt. Ltd., is a digital platform designed to empower MSMEs. We simplify access to government schemes, regulatory compliance, and essential financial products — improving credibility and bankability for businesses. Built after extensive consultation with business owners and banking experts, eMSME offers three tech-driven SaaS tools that deliver cost-effective, time-saving services tailored for India’s MSME sector.
The definition of a modern home is changing, and so are its energy needs. Livguard Solar 360 rises to meet these expectations with a solar solution engineered for efficiency, intelligence, and durability.
With Akshay Kumar lending his voice to this powerful campaign, Livguard sends a clear message: the future of energy is not only green but also precise and performance-driven.
The Solar 360 solution stands out with its end-to-end delivery from expert consultations and custom design to robust installation and remote monitoring. Add to that 10% higher power generation, and it’s clear why Livguard is setting new industry standards.
Solar isn’t just about saving energy anymore, it’s about rethinking how we live. Livguard Solar 360 aligns with the vision of a self-sufficient, connected, and sustainable Indian home.
In a cluttered solar market, Livguard’s unique positioning, precision engineering, smart tech, and celebrity trust make it a category-defining innovation.
Power your home with intelligence. Power your lifestyle with Livguard.
Mamaearth‘s parent business, Honasa Consumer Ltd., a skincare brand, has filed a lawsuit against Hindustan Unilever Ltd. (HUL), a major player in the FMCG industry, alleging that a Lakme advertisement is deceptive and derogatory. A recent Lakme campaign called “SPF Lie Detector Test” unfairly criticises rival goods, including one that closely resembles a sunscreen from The Derma Co, another Honasa brand, according to a case filed before the Delhi High Court by Honasa. With its dramatic “hit and run” visual metaphor, the commercial implies that competing sunscreens fall short in terms of SPF protection. Honasa contends that by using similar packaging and misleading inferences, the advertisement denigrates its products and misleads consumers.
High Court Agreed to Honasa’s Claims
Following a preliminary hearing, the Delhi High Court stated that the Lakme advertisement was derogatory “on the face of it” and asked HUL to respond. According to a statement from HUL, SPF in-vivo testing is the gold standard and internationally accepted technique for evaluating the effectiveness of sunscreens. Lakme has been using this technique for its sun portfolio since 2015. Regretfully, a number of brands—some of which are internet bestsellers—have been making exaggerated claims about SPF 50. In the best interests of customers, independent testing by certified laboratories shows that they fall well short of the claims made. This would be equivalent to deceiving them about sunscreen, which has effects on the skin, including pigmentation, ageing, and spots. The goal of the brand’s Lakme Sun Superiority campaign is to give Indian people access to sunscreens they can rely on.
Honasa Demanding an Immediate Action by Taking Down Ad
Honasa is requesting that the commercial be taken down right away because it claims that it harms the reputation of its businesses. Both parties are set to present their arguments during the anticipated hearing of the case today. Ghazal Alagh, a co-founder of Mamaearth, had earlier welcomed Lakme to the in-vivo-tested SPF 50 club in a LinkedIn post. According to Alagh, there hasn’t been much rivalry in the Indian FMCG market for a while, which has made big, established firms comfortable. Mamaearth is proud to have been breaking these conventions and bringing these brands to light repeatedly. In order to force manufacturers to use clean label ingredients, the company used the Mamaearth brand. And now once more, The Derma Co. is paving the way for truthful, proactive disclosures and scientifically supported claims. Customers have loved this so much that several competitors are envious. She went on to say that it makes them delighted to see historic businesses reappear and even outright replicate things from their names to their packaging. Mamaearth will continue to lead the way and innovate.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
The SMEs or the small and medium-sized enterprises in India comprise over 63.4 mn units, employ about 460 million people, and generate around 30% of the GDP of the country. Here, OfBusiness is one of the Indian startups that is largely focusing on SMEs and is materialising the procurement of the raw materials and making the availability of credit easy for them.
Through its raw material fulfilment engine and new possibilities platform, OfBusiness delivers value to SMEs’ businesses beyond funding. OfBusiness is located in Gurgaon and has operations in 14+ countries. Oxyzo Financial Services, which is a nonbanking finance company that is registered with the RBI and its parent OfBusiness, offers business-to-business credit facilities to small and medium enterprises.
OfBusiness has turned unicorn with a $160 mn funding round that came on July 31, 2021, thereby becoming the 18th Indian startup to turn unicorn in 2021. The OfBusiness company has thus been the only women-led Indian startup to turn unicorn in the same year. Oxyzo, the lending arm, and a subsidiary of OfBusiness, has also joined the unicorn club in March 2022, after it successfully raised $200 mn in funding, in what has been hailed as India’s largest Series A round.
OfBusiness is a raw material collector and supplier of procurement financing. The firm collaborates with banks to provide loan lines to small and medium-sized businesses with annual sales of more than $3 million. The platform gathers information about user behaviour that it uses to insure loans to firms who use the OfBusiness platform to get raw materials and bids.
Get to know more about OfBusiness India, its founders and team, industry details, startup story, mission and vision, investors, growth, revenue, business, and revenue model, investments, funding, and more here.
OfBusiness – Company Highlights
Startup Name
OfBusiness
Also known as
OfBusiness.com, OFB Tech, OFB Tech Pvt Ltd
Legal Name
OfB Tech. Pvt. Ltd.
Headquarters
Gurgaon, Haryana, India
Industry
Fintech, NBFC, Lending
Founders
Asish Mohapatra, Bhuvan Gupta, Ex Chandranshu Sinha, Nitin Jain, Ruchi Kalra, Srinath Ramakkrushnan, and Vasant Sridhar.
OFB Tech (OfBusiness) is a tech-enabled platform that enables SMEs in the infrastructure and industrial sectors to acquire raw materials and obtain finance. It incorporates technology into SME purchasing behaviour to provide clients with better items, at better costs, and in shorter time frames, as well as extensive online and offline assistance. Metals, chemicals, polymers, agricultural commodities, petrochemicals, and construction materials are all important raw materials.
Through its NBFC ‘Oxyzo Financial Services,’ OfBusiness offers SMEs cash flow-based finance for the purchase of raw materials. It has also launched BidAssist on September 20, 2017, which acts as a free of cost, revolutionary platform that brings a wide range of opportunities for the discovery of new SMEs and also makes recommendations of these SMEs based on their profiles.
Small-medium businesses in the manufacturing and infrastructure industries can use the company’s platform to acquire financing from local distributors and lenders, allowing them to satisfy their financial needs. OfBusiness provides SMEs with institutional loans (both secured and unsecured). They accomplish this by combining numerous raw materials, obtaining financing from local distributors and financiers, and then passing on the majority of the aggregation advantages to the SME, such as bulk discounts from manufacturers.
OfBusiness allows SMEs to get credit lines for a variety of raw materials, including industrial steel (structures, plates, and coils), electrical items, cement, bulk polymers, chemicals, construction materials, and solar systems, through the aforementioned method. The selected raw materials that SMEs across clusters order directly to the manufacturer are subsequently aggregated through OfBusiness.
OfBusiness – Industry
Non-Banking Finance Companies (NBFCs) have played an essential role in the Indian financial system by augmenting and contending with banks, as well as introducing effectiveness and variation into financial intermediaries. In terms of operations, heterogeneity, asset quality and profitability, and regulatory architecture, NBFCs have come a long way.
In India, the non-banking financial companies (NBFC) sector has seen a tremendous transition in recent years and now plays an important role in the development of the Indian financial system. In India, NBFCs play an important role in the development of core infrastructure, transportation, job creation, wealth creation, and economic growth of the poor.
Technology is assisting NBFCs in customizing credit assessment models and streamlining business operations, lowering time to market, and improving customer experience. NBFCs are now going out to Tier-2, Tier-3, and Tier-4 markets, distributing loans through many client touch-points, and developing a linked channel experience that gives an omnichannel seamless experience with 24/7 sales and service.
With today’s customers changing and accessing digital media like never before, NBFCs have embarked on new and better methods to engage with the customer.
OfBusiness was founded by Asish Mohapatra, Bhuvan Gupta, Ex Chandranshu Sinha, Nitin Jain, Ruchi Kalra, Srinath Ramakkrushnan, and Vasant Sridhar.
OfBusiness Founders
Asish Mohapatra
Since August 2015, Asish Mohapatra has been the Co-Founder and CEO at OfBusiness. From October 2010 through August 2015, Asish worked as a Senior Associate at Matrix Management Corporation in Mumbai. Asish’s goal at Matrix was to use his healthcare and operational knowledge to help entrepreneurs grow their businesses. Asish has a B. Tech in Mechanical Engineering from the Indian Institute of Technology, Kharagpur, and an MBA in Finance and Marketing from the Indian School of Business, Hyderabad.
Bhuvan Gupta has been the Co-Founder and Chief Technology Officer of OfBusiness since November 2015. Bhuvan formerly worked at Snapdeal as the Vice President of Engineering and Exponential as the Director of Engineering. Bhuvan holds an MBA degree from the University of Delhi and has done his B.Eng in Civil Engineering from the Birla Institute of Technology and Science in Pilani.
Ex Chandranshu Sinha
Ex Chandranshu Sinha, is the Co-Founder and CTO of EkAnek Networks and the Co-Founder and CTO of Foxy. Ex Chandranshu Sinha has also worked at OfBusiness as the co-founder and Head of Products.
Nitin Jain
Since September 2015, Nitin Jain has been the Co-Founder and Head of Construction at OfBusiness. Nitin formerly worked at the Royal Bank of Scotland as Vice President of Structured Solutions Trading. Nitin graduated from the Indian Institute of Technology Delhi with an M.Tech. and a B.Tech. in Computer Science.
Ruchi Kalra
Since 2016, Ruchi Kalra has been the Co-Founder and Head of Credit and Payments at OfBusiness. Ruchi formerly worked for McKinsey & Company as a Partner and Evalueserve as a Senior Business Analyst. Ruchi has a B.Tech. in Chemical Engineering from the Indian Institute of Technology, Delhi, and an MBA from the Indian School of Business.
Srinath Ramakkrushnan
Since November 2015, Srinath Ramakkrushnan has been the Co-Founder and Head of MRO at OfBusiness. Srinath formerly worked with ITC Ltd as an Assistant Manager of Projects, Manager of Operations and Supply Chain, and Manager of Sustainability Operations. Srinath graduated from the Indian Institute of Technology, Madras, with a B.Tech. in Mechanical Engineering.
Vasant Sridhar
Since November 2015, Vasant Sridhar has been a Co-Founder of OfBusiness. OfBusiness is a VC-backed startup that adds value to SMEs through technology-enabled innovations in commerce, lending, and logistics. Vasant was formerly at ITC Limited, where he was in charge of New Business Development & Projects. Vasant received his Bachelor’s degree in Chemical Engineering from the Indian Institute of Technology, Madras. He also co-founded Bloodline, a mobile and internet-based solution for bridging the country’s significant demand-supply gap for emergency blood.
OfBusiness – Startup Story
Asish Mohapatra, Bhuvan Gupta, Ex Chandranshu Sinha, Nitin Jain, Ruchi Kalra, Srinath Ramakkrushnan, and Vasant Sridhar founded OfBusiness in January 2016. They had worked at McKinsey, Religare, Royal Bank of Scotland, ITC, and Snapdeal. Everyone was in various stages of laying their resignation papers down while trying to start their own business in 2015. They believed that real India’s companies, which are SMBs, had a significant piece of the issue to solve.
The co-founders aspired to create a major B2B platform that would serve small and medium businesses in industries such as manufacturing and construction. What sparked it was the fact that B2B was a relatively unexplored industry in 2015 and there was a major B2C boom at the time.
OfBusiness is a tech-enabled platform that enables SMEs to acquire raw materials and get loans, with an emphasis on the industrial and infrastructure industries. It incorporates technology into SME purchasing behaviour to provide clients with better items at better costs in shorter time frames, as well as extensive online and offline assistance. It aids in the procurement of critical raw resources such as metals, chemicals, polymeric materials, agricultural commodities, petrochemical products, and construction materials.
BidAssist for new growth prospects is one of the company’s many digital services for SMEs.
OfBusiness – Vision, Mission, and Values
It aids in the procurement of critical raw resources such as metals, chemicals, polymeric materials, agricultural commodities, petrochemical products, and construction materials.
All of their activities and plans are guided by guiding principles, according to the firm, which are,
Warrior Spirit
Unrivaled Culture
IntegrityIntegrity
Industry Excellence
Customer Centricity
OfBusiness – Name, Logo, and Tagline
OfBusiness Logo
OfBusiness’s tagline says, “Spurring Small and Medium to Large” as small-medium businesses in the manufacturing and infrastructure industries can use the company’s platform to acquire financing from local distributors and lenders, allowing them to satisfy their financial needs.
OfBusiness – Business Model and Revenue Model
OfBusiness has a lending vertical through its non-banking finance firm, as well as a SaaS business, in addition to its primary commerce operation in the B2B raw material supply chain arena. Oxyzo, the company’s lending vertical, is the company’s second-largest business vertical, with a loan book of roughly $280 million. The SaaS vertical assists SMEs in the Indian and worldwide industrial and infrastructure industries with online procurement of different tenders.
OfBusiness said in a statement that it is on track to quadruple its income in commerce year over year. The business noted that OfBusiness has been profitable for the past four years, with technology at the core of recruitment, servicing, and productivity. Through its NBFC ‘Oxyzo Financial Services,’ OfBusiness offers SMEs cash flow-based finance for the purchase of raw materials. BidAssist for new growth prospects is one of the company’s many digital services for SMEs.
While commerce accounts for 55% of the company’s overall net revenue, loans and SaaS account for 43% and 2%, respectively. Lending is the largest contributor to earnings, followed by trade.
Over the course of 12 rounds of financing, OfBusiness has raised a total of $978.1 million. Its most recent funding rounds came in the form of a Series-G and a Secondary Market round on December 20, 2021, with which it raised $185 mn and $140 mn respectively. After receiving $325 million in total funding in the month of December itself via a Series G and a Secondary round, OfBusiness is valued at over $2.86 billion.
Date
Round
Amount
Lead Investors
April 16, 2025
$11.7M
Cornerstone Ventures
Oct 17, 2024
Secondary Market
$100M
–
Dec 20, 2021
Secondary Market
$140M
Alpha Wave Global, SoftBank Vision Fund, Tiger Global Management
Dec 20, 2021
Series G
$185M
Alpha Wave Global, SoftBank Vision Fund, Tiger Global Management
Sep 30, 2021
Series F
$200M
Tiger Global Management
Jul 31, 2021
Series E
$160M
SoftBank Vision Fund
Apr 8, 2021
Series D
$110M
Alpha Wave Global
Sep 24, 2019
Series D
INR 242.52 crore
Norwest Venture Partners
Jan 1, 2019
Venture Round
–
InnoVen Capital
Jul 18, 2018
Series C
$29M
Alpha Wave Global, Creation Investments Capital Management, LLC
Oct 27, 2017
Debt Financing
INR 25 crore
Kotak Mahindra Bank
Dec 13, 2016
Series B
$11M
Zodius Capital
OfBusiness Shareholding
OfBusiness Shareholding as of June 2024 (source: Tracxn):
OfBusiness Shareholders
OfBusiness Shareholders
Percentage
Ashish Mohapatra
28.6%
Ruchi Kalra
14.2%
Bhuvan Gupta
5.2%
SoftBank Group
16.1%
Tiger Global Management
10.2%
Falcon Edge Capital
9.4%
Panthera
3.2%
Creation Investments
1.3%
ESOP Pool
8.5%
Others
3.3%
OfBusiness – Investments
OfBusiness has invested in 4 companies to date.
Below are the details:
Date
Organization Name
Round
Amount Raised
Aug 8, 2023
Bidso
Pre Seed Round
$300K
July 27, 2022
TraceCost
Corporate Round
$2.5M
Oct 21, 2021
FarMart
Series A
$10M
Aug 17, 2021
UpScalio
Series A
$42.5M
OfBusiness – Acquisitions
OfBusiness has acquired one company to date.
Company Name
Date
Price
Koeleman India
Apr 11, 2023
$10 Million
SMW Ispat
May 20, 2022
–
OfBusiness – Financials
OfBusiness Revenue Breakdown
FY22
FY23
FY24
Operating Revenue
INR 7,140 crore
INR 15,343 crore
INR 19,296 crore
Total Expenses
INR 6,994 crore
Rs 15,037 crore
INR 18,696 crore
Profit/Loss
Profit of INR 201 crore
Profit of INR 463 crore
Profit of INR 603 crore
OfBusiness Financials
OfBusiness Expenses Breakdown
OfBusiness total expenses rises from INR 15,037 crore in FY23 to INR 18,696 crore in FY24.
OfBusiness EBITDA
OfBusiness demonstrated improvement in FY24 over FY23. The EBITDA margin grew from 6.30% in FY23 to 7.44% in FY24. The ROCE increased from 9.28% in FY23 to 12.23% in FY24, indicating a noteworthy improvement in the company’s capacity to provide returns on capital. This implies that OfBusiness’s financial performance is on the rise.
OfBusiness FY22 – FY23
FY22
FY23
FY24
EBITDA Margin
6.18%
6.30%
7.44%
Expense/₹ of Op Revenue
INR 0.98
INR 0.98
INR 0.97
ROCE
5.78%
9.28%
12.23%
OfBusiness – IPO
OfBusiness is preparing for an IPO in 2025, planning a stock market debut in the second half of 2025. The IPO, estimated at $750 million to $1 billion, includes $200 million in new shares and the remainder from existing shareholders. OfBusiness has appointed five investment banks including Bank of America, Citigroup, JP Morgan, Axis Capital, and Morgan Stanley for the offering, according to CFO Bhavesh Keswani.
OfBusiness – Products and Services
Bidassist.com
OfBusiness introduced BidAssist on September 20, 2017, a cutting-edge, free tool that not only compiles fresh prospects to facilitate discovery but also provides suggestions for SMEs based on their individual profiles.
MobileApp
To welcome merchants, farmers, distributors, and small medium-sized, and micro businesses (SMEs), OfBusiness launched its mobile app on March 3, 2023.
OfBusiness – Partnership
OfBusiness has partnered with many Debt Partners. Some of those are listed below:
At the ninth iteration of India’s most esteemed entrepreneurship awards, The Economic Times Startup Awards 2023, OfBusiness took home first place.
The esteemed Petrosil AMEA Convention Award for Exemplary Performance and Outstanding Achievements in the Bitumen Industry has been given to OfBusiness on March 2, 2023.
OffBusiness has been awarded as Emerging Startup of 2022 in Alternative Lending.
OfBusiness – Future Plans
OfBusiness is planning a significant expansion, including a potential $1 billion IPO in the second half of 2025. The company also aims to invest ₹3000 crore over the next three years to grow its steel business and expand into new categories like pre-painted galvanised iron.
FAQs
What does OfBusiness do?
OfBusiness is a raw material collector and supplier of procurement financing. The firm collaborates with banks to provide loan lines to small and medium-sized businesses with annual sales of more than $3 million.
Which country is OfBusiness based in?
OfBusiness is an Indian company.
Which companies do OfBusiness compete with?
Funding Circle, Moglix, OnDeck, Zetwerk, Avant, Capital Float, InCred, SMEcorner, Infra Market, and Black Knight are among OfBusiness’s main rivals.
Who founded OfBusiness?
OfBusiness was founded by Asish Mohapatra, Bhuvan Gupta, Ex Chandranshu Sinha, Nitin Jain, Ruchi Kalra, Srinath Ramakkrushnan, and Vasant Sridhar.
Good Monk, the flagship brand of Superfoods Valley, a Bengaluru-based startup, raised $2 million in a Pre-Series A funding round led by RPSG Capital Ventures, and saw participation from existing investors Multiply Ventures, Sharrp Ventures and ThinKuvate.
The latest backing by RPSG Capital Ventures marks a significant milestone in the growth journey of Good Monk, further reinforcing their vision to disrupt the way India consumes nutrition. With the support of seasoned investors, the company is poised to grow its market in India.
Founded by parents, Amarpreet Singh Anand and Sahiba Kaur, who were frustrated by the lack of clean, effective and easy-to-use to use nutrition choices, Good Monk launched a nutrition mix that helps smuggle the right nutrients into a family’s daily food without altering the taste or smell of food. Their range offers clinically proven solutions for kids, adults and 50+ year old consumer groups. Good Monk’s goal is to inspire India to eat nutritious and live healthy, by using the power of technology, deep consumer understanding, modern science & traditional wisdom.
Good Monk was recently part of Shark Tank Season 4 and successfully earned a deal on the show from Vineeta Singh, Co-founder of Sugar Cosmetics.
Also with the guidance of investors like Sanjay Ramakrishnan, Multiply Ventures and Rishabh Mariwala, Sharrp Ventures, the brand has been able to build a strong consumer base and grow 11x in the last 12 months with a focus on innovation and product diversification. Their support has been pivotal during the initial phase of the brand and with RPSG Capital Ventures coming in at this point, will facilitate the next level of growth.
“At Good Monk, we believe that nutrition should be easy, effective, and clean. Our mission is to empower Indian families to take control of their health without compromising on taste or convenience. We are thrilled to have RPSG Capital Ventures partner with us in this journey and are grateful for the continued belief by existing investors – Multiply Ventures, Sharrp Ventures and ThinKuvate who participated in the round.”, said Amarpreet Singh Anand, Co-founder, Good Monk.
Commenting on the investment, Sahiba Kaur, Co-founder, Good Monk says, “With unhealthy wellness products masquerading as healthy options, one of the biggest challenges facing us today is getting the right nutrition without complicated routines or unpleasant tasting products. The partnership with RPSG Venture Capital will facilitate investing in R&D and product development to present better nutritional alternatives.”
Commenting on the round, Abhishek Goenka, Managing Partner at RPSG Capital Ventures said, “We have strong conviction in nutrition, health and wellness as a space and have constantly backed companies in this category such as Nutrabay, Plix and True Elements. We are seeing a surge in use of nutritional supplements, where consumers are seeking innovative formats that make dietary supplements uncomplicated, convenient and effective. Good Monk has demonstrated impressive, clutter breaking, product innovation which we believe will disrupt the market significantly.”
Good Monk is currently retailing across its website and leading e-commerce platforms like Amazon, Flipkart, etc. The brand is constantly expanding its presence across digital footprints and making the brand available to its consumers at places they would prefer to purchase the brand.
About Good Monk
Good Monk is a hero Nutrition brand from Superfoods Valley. A Bengaluru-based Nutrition Startup that’s committed to solving key nutrient deficiencies across India by building a range of clean, easy-to-use and effective nutrition products.
About RPSG Capital Ventures
RPSG Capital Ventures (www.rpsgcapital.vc) is an early-stage consumer venture capital fund established in 2018. The fund typically invests in Series A rounds with first cheques of up to $5 million in the consumer brands ecosystem across F&B, beauty, health and wellness, entertainment, lifestyle goods and digital enabler categories. With 15+ investments including The Souled Store, mCaffeine, Perfora, Vedix and Plix, it has 3 active funds with a combined corpus of INR 750 crores. RPSG Capital Ventures has a focused portfolio approach, ensuring that the team can devote attention to each portfolio company and is strongly invested in their success, leading to a 90% success rate to date.
So far, Inflection Point Ventures has invested over INR 810 crores across 210+ startups.
That Sassy Thing, India’s first sexual wellness brand for women has raised INR 6 crores. Their seed round has been led by IPV (Inflection Point Ventures) and notable entrepreneurs and investors such as Bala Sarda (Vahdam Teas), Saurabh Munjal (Lahori Zeera), Kirti Jangra (Animall Technologies), have also joined the cap table over the two rounds. The company also saw participation from Chandigarh Angels Network (CAN).
Founded in 2021, That Sassy Thing is disrupting the highly underserved sexual wellness market with a women-first, stigma-free and fun approach. Their range of products—full body massagers, aloe-based lubricants, and intimate washes—combine safety, discretion, and thoughtful design. Beyond products, the brand has pioneered a comprehensive, sex-education-first approach, offering India’s first free, credible sex-ed masterclasses online.
The brand was co-founded by Sachee Malhotra and Himanshu Bhalla, a husband-wife duo, who bring over 2 decades of combined experience across the sexual wellness, D2C, and creative consultancy sectors. Sachee holds a Master’s in Brand Communications Strategy from Virginia Commonwealth University, U.S and has previously worked on brands such as Arata, VegNonVeg, Smoke Vodka, Damensch, Zeno Health, noon.com, etc. Himanshu is a Shaheed Sukhdev College of Business Studies (DU) graduate and has led creative mandates for marquee names like UNESCO, Penguin Books, and Manforce Condoms through his brand consultancy.
“As an investor, I believe women’s sexual wellness and educationare among the most overlooked and underfunded areas in the consumer lifestyle space. That Sassy Thing is boldly flipping the script—not just with well-designed products, but also with inclusive, credible sex education that’s changing the way women engage with themselves. We’re proud to back their mission and help them scale this important movement,” said Vinay Bansal, Founder & CEO, Inflection Point Ventures.
The brand has grown 200% YoY and served over 50,000 customers across India. Products are available via their website and major quick-commerce platforms like Blinkit, Zepto, and Swiggy Instamart. They’ve also started retailing at select cafés in Delhi NCR—reflecting a cultural shift and rising acceptance.
Their biggest strength lies in a women-first brand ethos that combines safe, playful product innovation with a mission to normalise conversations around pleasure, sexual health, and body literacy. With an engaged digital community and educational campaigns, That Sassy Thing has created a strong niche that merges commerce and culture.
“Sexual wellness needs a rebrand. For too long, women have been ignored or objectified in this space. We’re changing that narrative by focusing on women’s needs—vaginal wellness, PCOS, menopause—and giving them stigma-free access to products and education. With this fundraise, we’re doubling down on brand, team, and category-defining solutions,” said Sachee Malhotra, Co-founder.
“The market is massive and deeply untapped. With rising global exposure and changing mindsets, we’re poised to create India’s largest sexual wellness brand for women. The response has been overwhelmingly positive, and this is just the beginning,” added Himanshu Bhalla, Co-founder.
The brand’s Healing from Sexual Trauma masterclass had won the UN Laadli Media & Advertising Award for Gender Sensitivity 2024.
The Indian sexual wellness market is projected to reach ₹24,000 crore by 2030. While male-focused brands have long dominated, there is an increasing push for gender-inclusive, wellness-driven narratives, creating immense room for growth in women’s sexual wellness.
About That Sassy Thing
That Sassy Thing is on a mission to build India’s boldest and largest sexual wellness brand for women—one that empowers, educates, and celebrates pleasure. With strong fundamentals and a culture-first approach, the brand is paving the way for a new era of stigma-free wellness.
About IPV
Inflection Point Ventures (IPV) is an angel investing platform with over 23,500+ CXOs, HNIs, and Professionals to invest in startups together. The firm supports new-age entrepreneurs by providing them with monetary & experiential capital and connecting them with a diverse group of investors. IPV has launched a $50 Mn CAT 2 VC fund, Physis Capital, to invest in Pre-Series A to Series B growth-stage startups. The fund has already deployed capital in two startups so far, with a few deals in advanced stages of pipeline.
On 16 April, Paytm revealed that Vijay Shekhar Sharma, the company’s founder and CEO, had renounced 21 million employee stock options worth over INR 1,800 crore. This action came months after the Securities and Exchange Board of India (SEBI) had sent him show-cause notices for breaking the rules governing the granting of share-based employee benefits. Vijay Shekhar Sharma, the company’s chairman, managing director, and chief executive officer, notified the company in a letter dated April 16, 2025, that he had voluntarily renounced all 2,10,00,000 ESOPs that had been granted to him under the One 97 Employees Stock Option Scheme, 2019, with immediate effect, according to a regulatory filing made by Paytm to the stock exchanges.
How this will Change the Business Dynamics of Paytm?
According to the filing, the company’s ESOP programme has refunded the remaining unvested ESOPs to the ESOP pool, while some have been terminated. The business added that this action will lead to a one-time, non-cash acceleration of INR 492 crore in ESOP expenses in Q4 FY 2025, as well as a corresponding reduction in ESOP expenses in subsequent years. In addition, Paytm stated that when it releases its Q4 Q4FY25 results, it will provide information about its ESOP cost timeline. A year prior to Paytm’s 2021 IPO, Sharma held a 14.7% stake in the fintech company. He transferred 30.97 million shares to Axis Trustee Services, which operated on behalf of Sharma’s family trust, in order to lower his ownership to 9.1% and qualify for ESOP incentives. Due to suspected factual misrepresentation, Sharma and other board members who served during Paytm’s November 2021 IPO received notices from SEBI.
SEBI’s Move Forced Sharma to React
In August 2024, Paytm received a show-cause notice from SEBI for Vijay Shekhar Sharma’s ESOP grant, which violated the regulations governing share-based employee perks. Large shareholders who have the power to affect business decisions are prohibited from owning ESOPs under SEBI’s market regulations. The corporation made improvements to its ESOP plan in March, including tying ESOP vesting to the most recent appraisal exercise’s annual performance ratings. Additionally, Paytm has distributed ESOPs to qualified workers at least twice in the last six months and increased the size of its ESOP pool in recent months.
Since its listing in November 2021, One97 Communications, the parent company of Paytm, has never reported a positive EBITDA. Nonetheless, it has continuously emphasised EBITDA prior to ESOP expenditures as a crucial indicator. On May 30, 2025, the business is expected to release the results of the March quarter. An international news outlet reports that Paytm is anticipated to disclose an adjusted net loss of roughly INR 9 crore and an EBITDA of INR 64 crore on revenue of INR 2,051 crore. It recorded an EBITDA of INR 559 crore for FY24 (excluding ESOP charges).
Google Pay is a digital wallet platform and online payment system developed by Google to power in-app and tap-to-pay purchases on mobile devices. Google Pay enables its users to make payments with their Android devices phones, tablets, watches, etc.
In addition, the service also supports passes such as coupons, boarding passes student ID cards, event tickets, movie tickets, public transportation tickets, store cards, and loyalty cards.
It can be used for online payments, in-app purchases, contactless in-store payments, and even for sending peer-to-peer money. So whether someone is browsing for a new pair of sneakers online or buying your morning coffee, Google Pay can do all the heavy lifting for them.
In this article, we’ll take a closer look at the Google Pay business model, how it makes money and how it has become one of the most successful digital payment solutions in the world.
Safe, simple and fast payments l Google Pay hai, tick hai
Easy and Convenient Payments: Google Pay makes it easy and convenient to make payments using your mobile device. You can make payments using your phone, tablet, or smartwatch, without the need for cash or physical credit cards.
Integration with Google Services: Google Pay is integrated with various Google services, such as Google Chrome, Google Assistant, and Google Maps, which makes it easier to make payments while using these services.
Secure Transactions: Google Pay uses multiple layers of security to protect your payment information, including encryption, tokenization, and biometric authentication (such as fingerprint or facial recognition).
Multiple Payment Options: Google Pay supports multiple payment options, including credit cards, debit cards, and bank accounts. You can also add loyalty cards and gift cards to your account for easy access.
Rewards and Cashbacks: Google Pay often offers various rewards and cashback programs for using the service, such as earning rewards for making purchases or referring friends.
Bill Payments: Google Pay allows you to pay various bills, including utility bills, credit card bills, and more, all within the app.
Google Pay has been consistently rising in India, The Alphabet and Google CEO- Sundar Pichaisaid that the company has taken cues from the successful experience in the country and would soon put out a revamped digital payments product globally.
Compared to the other mobile wallets Google Pay is successful in India because of its business model which includes the following factors:
Partnership-Focused Innovation
Localization for Success
Ecosystem Integration
Small Business Support
Job Seeker Support
Digital Payment Awareness
Rural Outreach
Entity-Based UX
In-App Engagement
Cashback Offers
Google Pay focuses on partnerships, localization, and ecosystem approach as it forged deep partnerships with the central bank and government to innovate and build collectively and make products interactive and open to working jointly within the ecosystem.
The company deepened its support for small businesses through a new app called Google Pay for Business which was a free and easy way for small merchants and storefronts to enable digital payments without the hassle of a time-consuming verification process.
Google Pay also supports job seekers by introducing a spot on Google Pay to help people find entry-level positions that aren’t always easily discoverable online.
It collaborated with the Government to come up with Digital Payment Abhiyan to increase awareness about cashless payment and online financial security in the country.
The company also launched the Vodafone Idea Phone Line to help people in rural areas where the internet connection is weak to get information about everything.
Its entity-based UX users search for who they paid earlier rather than the transaction date and time. Under the entity-based model, users see individual chat leads of every individual or merchant, they transact with, whenever they have to check a payment record.
Google Pay introduced the spot platform in India which is a way for the business to create an experience and engage their customers within the Google Pay app. Popular services like UrbanClap (now Urban Company), Goibibo, MakeMyTrip, RedBus, Eat.Fit,and Oven Story were the first to board in its early access program.
Scratch cards are another attraction as Google Pay provides lucrative cashback and offers on varying transactions. These cashbacks are directly credited to a linked bank account. The app also provides multiple payment options so users can transact through their mobile numbers and Virtual Payment addresses.
Biggest Contactless Payment Brands at POS in India as of March 2024
How Does Google Pay Make Money | Google Pay Revenue Model
Google Pay has several global revenue-making opportunities. The revenue might be both from transaction fees from banks or merchants which is $4.1 billion and also from ads and product offers within Google Pay which is $0.4 billion.
Google Payment India Private Limited reported its revenues for the financial year 2020-21 as ₹14.8 crore. The company further reported a net profit of ₹1.4 crore during the same fiscal.
Google Pay was first launched in August 2017. Google first named this app “Tej” and later changed the name to “Google Pay“.
Google Pay does not charge its users for accessing Google Wallet. Receiving and sending money on Google Pay is free. Previously, the company had an agenda of adding a 2.9% fee to funds via debit card. However, now the plan is dropped and it’s all free as mentioned above.
The app has over 67 million monthly active users and enabled more than 2.5 billion transactions and now has an annual run rate of over US$110 billion in transaction value. This app user can now pay at more than 200,000 stores in more than 3,500 cities and towns, and more than 2,700 online merchants.
Google Pay earns money through the following sources:
Mobile Recharges: The basic revenue model of Google Pay is mobile recharges. Whenever a user recharges on any SIM operators from this app, then they get a commission from that operator on every recharge.
Bill Payments: Google Pay allows you to pay for any kind of bill from this app such as electricity, DTH recharge, water, insurance, loan repayment, postpaid bills, and so on. Whenever you pay any company bill, it takes a commission from that company.
UPI Transaction: So this app does not earn from UPI transactions, it just analyzes your transaction data, which it uses to make its new product. The main reason most people use Google Pay is for UPI payments. The app also provides more services such as mobile recharge, and bill payment. So when people have to use either or both of these services, they use this app and this app earns from both the services.
Ad Revenue: Google Pay uses its large user base and transaction data to offer targeted ads, generating revenue through in-app promotions and merchant-sponsored offers. Ads are personalized based on user behavior and spending patterns, appearing within the app or across Google platforms. Merchants also pay to feature special offers, driving traffic to their sites or apps.
Partnerships: Google Pay earns revenue through partnerships, ads, transaction fees, and in-app purchases. It teams up with banks, e-commerce platforms, and payment providers, often sharing revenue from transactions like virtual card payments.
Google Pay Net Worth
The company’s net worth stood at ₹12.8 crore for FY21 compared to ₹10 crore at the same time the previous year.
Growth of Google Pay in India
Google mobile payment system Google Pay has emerged as the king of UPI payments in India, with an annualized transaction value worth $110 billion. Google Pay has 150 million users worldwide, with 67 million users in India. Millennials are 30% of active users of Google Pay.
According to a report by GlobalData, the value of mobile wallet payments in India experienced a compound annual growth rate (CAGR) of 72.1% from 2019 to 2023, reaching INR 202.8 trillion ($2.5 trillion) in 2023. Mobile wallet payments in India are projected to exceed INR 531.8 trillion by 2028.
In India, Google Pay holds a 35% market share in UPI payments. The app resembles a chat app that is easy to use and is available in local languages.
The platform is used by customers to buy train tickets, pay bills, and even purchase lunchtime meals from street vendors. In India, local stores have begun to accept Google Pay payments via a phone application. Meanwhile, the Google Pay platform’s update includes features like tokenized cards for more secure payments, food security, Google Pay for business, e-KYC, and simpler onboarding and donations.
In India, Google Pay is facing stiff competition from other fintech startups including wallets such as Paytm, PhonePe, Amazon Pay, Airtel Payments Bank, etc. The upcoming contender in the race is the Whatsapp Pay service by Facebook.
Funding Received by Google Pay
Founders of Google Pay in India raised $13.2 million in January 2020 in a Seed funding round for its neobank, Fi led by Sequoia India and Ribbit Capital. Also participating in the funding rounds were David Velez, Kunal Shah, and VC fund Hillhouse Capital.
In October 2020 the investment app, ETMONEY, had partnered with Google to offer Google Pay users a route to invest in mutual fund schemes and the National Pension System (NPS).
This collaboration will allow Google Pay users to identify the right mutual fund schemes and invest in them within minutes using their Google account and Unified Payments Interface (UPI) ID.
Google Pay users will not have to create a user ID to access this facility. It will be the same if one wants to invest in NPS as well. Sujith Narayanan and Sumit Gwalani, both co-founders of Google Pay India formerly called Google Tez said that the seed funding brings the Neobank startup Fi to a valuation of roughly $50 million.
FAQs
What is GPay?
Google Pay is a fast and simple way to pay using credit or debit cards saved to your Google account. It works for online purchases, in-app transactions, and in-store payments with your Android device.
What is the revenue of Google Pay in India?
Google Pay revenue in India was INR 1467 crore in 2021.
How many people use Google Pay worldwide?
Google Pay has 150 million users worldwide.
How does Google Pay make money in India?
Google Pay makes money through commissions it gets for transactions from companies or operators. For every transaction that you make using Google Pay, it gets a commission from the company.
Who are the competitors of Google Pay in India?
The top competitors of Google Pay in India are:
PhonePe
Paytm
PayPal
Amazon Pay
Whatsapp Pay
Is Google Pay profitable?
Google Pay is likely profitable for Google, though its standalone earnings are not publicly disclosed.
What is GPay business model?
Google Pay business model earns revenue through transaction fees, targeted ads, partnerships with banks and merchants, and in-app promotions.
Jerome Powell, the Chair of the Federal Reserve, has a clear and cutting warning regarding the new wave of tariffs from the Trump administration: The economic fallout could be more severe than many expect. In an appearance before the Economic Club of Chicago, Powell said that the actual scale of the new taxes on imports, especially those aimed at goods from China, far exceeded the Fed’s earlier projections. We now see the U.S. economy as headed for slower growth and an inflation rate that will be stronger than previously believed.
The U.S. has recently put a 10% tax on imports from most countries and a 145% tax on goods from China. When you account for existing tariffs, the effective rate on certain Chinese products is 245%. Exemptions for smartphones aside, the overall impact is bound to be huge. China, in turn, has slapped a 125% tax on exports from the U.S.
Investor Confidence Wanes Amid Market Volatility
International stock exchanges have been reacting very sharply to the unfolding trade tensions. This past week, right in the middle of the unfolding situation, all three major U.S. indices took quite notable drops. News reports this weekend, however, were even more unsettling, as they conveyed the idea to investors that all was not well out there, and that a gathering storm was on the horizon. Beyond the equity markets, a more troubling trend was emerging as well, the sale of U.S. government debt.
U.S. bond yields surged, necessitating the government to boost interest rates even more to entice buyers. Rates have since settled down but are still higher than most people would like.
Households and Businesses Report Sharp Decline in Outlook
Recent surveys indicate consumers and businesses have become much less confident. The sudden increase in tariffs has been one of the major culprits behind this drop in sentiment. Powell said many people now fear the tariffs are going to result in much higher prices and that the whole tariff situation is going to create a lot of economic uncertainty. Of course, the Trump administration sees the tariffs as a way to bring back a lot of manufacturing that has gone overseas and as a way to create a lot of new jobs.
He said that the full impacts are still coming to light and could necessitate the Fed to maintain a vigilant watch over how the developing economic conditions play out. Even with the turbulence, Powell reassured everyone that the U.S. economy is still on stable footing. For now, the Fed is keeping its benchmark interest rate steady, “at a range of 4.25% to 4.5%,” waiting for the dust to settle before making any policy adjustments.
