OfBusiness: Unlocking India's Manufacturing Potential Through Innovative B2B Financing
India's $700B manufacturing sector is quietly driving the country's growth, aiming to hit $1 trillion soon. OfBusiness, a B2B platform, is at the forefront of this revolution, connecting SMEs with suppliers of raw materials and capital. In FY23, its revenue doubled to Rs 15,432 crore, with a profit of Rs 463 crore. OfBusiness collaborates with banks to provide loan lines to small and medium-sized businesses, using insights from user behaviour to insure loans. This allows SMEs to access credit lines for various raw materials, including industrial steel, electrical items, cement, polymers, chemicals, and solar systems. This startup is a rare gem, valued at over $5 billion, and is playing a crucial role in empowering SMEs and driving India's manufacturing growth.