Oxyzo Financial Services, a smart financing solution provider, has raised $200m in its Series A funding round.
The funding round was led by Alpha Wave, with commitments also coming from Tiger Global, Norwest Venture Partners, Matrix Partners and Creation Investments.
With the funds, the company plans to expand its digital services, scale the supply chain marketplace, launch fixed income products for the SME space and scale other fee incomes business lines, including debt capital markets and securities.
Oxyzo began life as the financing platform of OfBusiness Group, a tech platform that empowers raw material procurement and credit to SMEs. Oxyzo provides cash flow matched working capital financing to facilitate the purchase of materials in the manufacturing and sub-contracting sectors.
The company, which is a subsidiary, has expanded and now supports SMEs, mid-corporates and more.
The company has over $350m AuM with a 100% YoY growth, it said.
Niren Shah, head of Norwest Venture Partners India, said, “We have been delighted with our early investment in Ofbusiness and feel privileged to get an opportunity to partner with them once again, this time co-leading a $200m round to fund Oxyzo, the SME Fintech business.
“We are impressed with how the Oxyzo team has built a high growth business with robust corporate governance and are even more excited with their vision to build this into India’s most profitable, tech-driven, B2B SME fintech player. We are proud to congratulate Ruchi on becoming the first female founder in India of a profitable, fintech unicorn!”
Copyright © 2022 FinTech Global
