OfBusiness revenue crosses Rs 15,000 Cr in FY23, profits surge 2.3X
                     OfBusiness revenue crosses Rs 15,000 Cr in 
FY23, profits surge 2.3X
INTRODUCTION
• Industrial goods and services procurement platform OfBusiness has continued its growth 
momentum in the last fiscal year and this is evident from its financial numbers. 
• The Gurugram-based company’s gross scale as well as profit spiked over two-fold during the 
fiscal year ending March 2023.
OfBusiness Financials FY23
• OfBusiness’s GMV (gross merchandise value) surged 2.14X to Rs 15,342 crore in FY23 
from Rs 7,140 crore in FY22, according to its consolidated financial statements filed with the 
Registrar of Companies – stated by Entrackr.
• Through its commerce platform, the company supplies raw material across various supply chains 
including steel, non-ferrous, petrochemicals, polymers, industrial chemicals, agri products, and 
building materials, among others.
• Trading and manufacturing are two primary segments for the Gurugram-based company.
• Collections from trading constituted 82% of the GMV while manufacturing contributed 25% of the 
total collections.
• Collections from trading constituted 82% of the GMV while manufacturing contributed 25% of the 
total collections.
• The rest of the income comes from financial services and other operating activities.
OfBusiness Expense Breakdown
• Being a goods and service procurement platform, the cost of procurement of material 
accounted for 91% of the total expenditure.
• In line with revenue, this cost surged 2X to Rs 13,686 crore in FY23 from Rs 6,611 crore in 
FY22.
• Its employee benefit expenses also rose 2.68X to Rs 327 crore in FY23.
• This includes Rs 33.12 crore ESOP expenses which were settled in cash.
• Power and fuel, rent, consumption of spare parts, and legal and professional fees are some 
major costs that pushed the overall expenditure 2.14X to Rs 15,037 crore in FY23 from Rs 
6,994 crore in FY22.
• Head to TheKredible for a complete expenses breakdown.
OfBusiness FY21-FY22
• The mammoth scale and good control on overheads helped OfBusiness achieve 2.3X growth in 
the profits to Rs 463 crore in FY23 from Rs 201 crore in FY22.
• Its ROCE and EBITDA margins stood at 9.28% and 6.31% respectively in FY23.
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