9 months ago
OfBusiness Cofounder Nitin Jain Steps Down
Nitin Jain, who helped start OfBusiness in 2016, has left his job as the company's cofounder and chief business officer.
OfBusiness is a company that helps small and medium-sized businesses get the materials and money they need.
Jain also left Oxyzo, which is a part of OfBusiness and is worth a lot of money.
He said on LinkedIn that he is moving on to something big, possibly related to manufacturing.
OfBusiness is getting ready to go public, which means it will sell shares to the public soon.
The company has made a lot of money and has big investors like Softbank and Tiger Global Management.
Nitin Jain, cofounder and CBO of OfBusiness, has stepped down from his position.
Jain also left Oxyzo, the fintech arm of OfBusiness, which is an independent unicorn.
OfBusiness provides raw material procurement and financing solutions to SMEs in manufacturing and infrastructure.
The company is preparing for its IPO, targeting a public listing in the second half of 2025.
OfBusiness reported a 30% jump in net profit to INR 603 Cr in FY24 and has raised $890 Mn in total funding.
- Who
- Nitin Jain, cofounder and CBO of OfBusiness
- What
- Stepped down from his position at OfBusiness and its fintech arm Oxyzo
- Where
- OfBusiness, a B2B marketplace unicorn
- When
- Recent, exact date not specified
- Why
- Not explicitly stated, but hinted at a new venture related to manufacturing
Key facts
- Name
- Nitin Jain
- Position
- Cofounder and Chief Business Officer (CBO)
- Company
- OfBusiness
- Fintech Arm
- Oxyzo
- Founded
- 2016
- Cofounders
- Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta
- Services
- Raw material procurement and financing solutions to SMEs
- Total Funding
- $890 Mn
- Key Investors
- Softbank, Tiger Global Management, Titan Capital
- Net Profit FY24
- INR 603 Cr
- Operating Revenue FY24
- INR 19,296.3 Cr
- IPO Target
- Second half of 2025
Quotes
Nitin Jain
Cofounder and former Chief Business Officer of OfBusiness
“I am moving on from OfBusiness and its fintech arm Oxyzo, which is an independent unicorn.”
inc42.com
“My next move would be around these lines.”
inc42.com
Sources
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