Ruchi Kalra and Asish Mohapatra: In an era when both building a startup and making it profitable remains challenging. An Indian couple has done wonders in the startup industry. Both husband and wife have not only succeeded in making their respective startups worth $1 billion i.e. unicorn, but the special thing is that the startups of both are profitable. They are the first Indian couple to achieve this feat, both of whom have a startup valuation of over $1 billion.
According to a Business Standard report, Oxyzo Financial Services, a digital lending startup founded by Ruchi Kalra, on Wednesday said it has raised Rs 200 crore from Alpha Wave Global, Tiger Global Management, Norwest Venture Partners and others. The first dollar funding has been achieved. Less than a year ago, her husband Ashish Mohapatra’s OffBusiness acquired this valuation with investments from SoftBank Corp and others.
Both startups are profitable
Kalra, 38, and Mohapatra, 41, are alumni of the Indian Institute of Technology and met while working at McKinsey & Company. Both have profitable startups, which is an extraordinary feat for new growth companies. Kalra is the CEO of Oxijo, while Mohapatra is the CEO of OfBusiness.
Matrix Partners and Creation Investments also invested in Oxizo, one of the largest A-round funding rounds in India’s startup industry. Oxyzo, a combination of the words Oxygen and Ozone, was founded by Kalra, Mohapatra and three others in the year 2017 as a branch of OfBusiness. Whereas OfBusiness was started in the year 2016.
what does oxyzo
Oxizo leverages technology to address data constraints and provide purchase financing to businesses, providing cash flow based loans in a debt-critical country where small and medium businesses struggle for working capital.
What business does OfBusiness do?
OfBusiness is formally known as OFB Tech Pvt. The company supplies bulk raw materials such as steel, diesel, food grains and industrial chemicals to small and medium businesses. According to Mohapatra, when SoftBank and others invested in it in April last year, its valuation had crossed $1 billion.
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