New Delhi: OfBusiness, a B2B unicorn catering to infrastructure and manufacturing sectors, has introduced Nexizo, an AI-powered platform aimed at streamlining operations for small and medium enterprises (SMEs). The platform is part of the company’s strategic pivot toward private-sector growth as it prepares for a potential $1 billion IPO in 2025.
Shift Toward Private-Sector SMEs
Nexizo is designed to help SMEs discover buyers, track raw material prices, and access market insights, alongside managing sales, logistics, and inventory. Unlike its predecessor BidAssist, which targets government contractors and smaller businesses, Nexizo focuses on larger private-sector players with complex operational needs.
“Nexizo aims to expand into high-value transactions for private-sector SMEs,” said Pyuish Upadhyay, Chief Business Officer (Digital) at OfBusiness. BidAssist will remain dedicated to government tenders, while Nexizo seeks to address challenges in private markets.
Financial Growth and IPO Plans
OfBusiness recorded revenues of Rs 19,296 crore in FY24, up from Rs 15,343 crore in the previous fiscal year, with a 30% profit increase to Rs 603 crore. The company aims to further strengthen its position by expanding digital services through Nexizo.
“We are looking to achieve Rs 2,000 crore revenue in the current fiscal as we transition from an insights platform to a full-scale digital store,” Upadhyay added.
Strengthening SME Ecosystem
The launch of Nexizo is part of OfBusiness’s broader strategy to build an integrated ecosystem for SMEs. CEO Asish Mohapatra emphasized the platform’s role in bridging market gaps by providing discovery tools and transaction capabilities for SMEs.
Founded in 2015, OfBusiness is backed by investors like SoftBank, Tiger Global, and Alpha Wave Global, with a cumulative funding of $800 million. Nexizo leverages AI technology, building on BidAssist’s expertise in processing procurement data, to enhance SME competitiveness in the private sector.
By targeting India’s growing SME sector, particularly in infrastructure and manufacturing, Nexizo underscores OfBusiness’s commitment to broadening its digital footprint in a competitive market.
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