Ashish and Ruchi are the only married couple in India whose business has entered in unicorn club. Both Ashish and Ruchi are very focused and their business formula is quite different from others. The meaning of entering in unicorn club is that their startup has a valuation of more than $100cr (7,700cr.) Both of their business has a duration of only 1 year to enter in unicorn club.
Oxyzo Financial Services, the loan arm of SoftBank-backed business-to-business (B2B) commerce company OfBusiness, has secured $200 million in series-A investment, the highest ever for an Indian startup. Oxyzo is the latest addition to India's increasing list of unicorns, with a post-funding valuation of $1 billion. As a result, the Indian pair became the country's first husband and wife to grow their companies into firms valued at at least $1 billion in a year.
Oxyzo Financial Services, co-founded by Ruchi Kalra, said that it has reached the milestone with a $200 million investment round led by Alpha Wave Global, Tiger Global Management, Norwest Venture Partners, and others. Her husband Asish Mohapatra's OfBusiness received the same valuation less than a year ago, thanks to funding from SoftBank Group Corp. and others.
Kalra, 38, and Mohapatra, 41, are both Indian Institute of Technology graduates who met while working at McKinsey & Co. Both firms are profitable, which is remarkable for a new growing company. Mohapatra is the CEO of OfBusiness, whereas Kalra is the CEO of Oxyzo.
Oxyzo was also funded by Matrix Partners and Creation Investments and is one of the largest Series A deals in India's startup industry.
Oxyzo, a combination of the terms oxygen and ozone, was launched in 2017 by Kalra, Mohapatra, and three others as an extension of the couple's initial venture, OfBusiness, which they co-founded in early 2016.
Oxyzo employs technology to analyze data and give purchase finance to businesses, granting cash-flow loans in a credit-starved economy where small and medium-sized firms struggle to get working capital.
OfBusiness, formerly known as OFB Tech Pvt., provides small and medium-sized enterprises with bulk raw materials such as steel, fuel, food grains, and industrial chemicals.
According to Mohapatra, its valuation topped $1 billion when SoftBank and others bought it in April of last year. According to him, the startup's valuation hit around $5 billion in December when SoftBank and others put additional money into it.
Karla was a partner in Mckinsey and left the firm to join the entrepreneurial army with her husband Ashish, who already exited Matrix, a venture-capital company.
According to Kalra, the two firms operate independently, with distinct offices and personnel. They do, however, target similar businesses, such as manufacturing and infrastructure subcontracting. Both are headquartered in Gurgaon.
Oxyzo employs over 500 people and has a data warehouse focusing on supply chain analytics. Since its founding, it has disbursed approximately $2 billion in loans and has been profitable.
According to the announcement, Kalra is the country's "first female creator in India of a profitable, fintech unicorn."