Oxyzo Financial Services Limited, a prominent fintech company specializing in providing financial solutions to small and medium enterprises (SMEs) in India, has successfully raised Rs 100 crore through debt financing. This strategic move aims to bolster the company's capital base and support its ongoing expansion plans.
Key Details
- Funding Amount: Rs 100 crore
- Investor: AK Capital Finance Limited, a subsidiary of A.K. Capital Services Ltd.
- Instrument: Non-Convertible Debentures (NCDs)
- Coupon Rate: 9.75% per annum
- Tenure: 24 months, maturing on February 18, 2027
- Purpose: Augment long-term resources and meet working capital requirements
Founder's Background
Oxyzo was co-founded by Ruchi Kalra, who serves as the Chief Executive Officer (CEO).
- Ruchi Kalra:
- Education: B.Tech from IIT Delhi; MBA from the Indian School of Business
- Professional Experience: Over eight years at McKinsey & Company, focusing on financial services
- Achievements: Co-founded OfBusiness in 2015, a B2B platform for industrial supplies, before launching Oxyzo as its lending arm in 2016
Funding Details
The Rs 100 crore raised through NCDs issued to AK Capital Finance Limited carries an annual interest rate of 9.75% and is set to mature in 24 months. This infusion of capital is intended to enhance Oxyzo's long-term resources and address its working capital needs. Notably, Oxyzo achieved unicorn status in 2022 with a $200 million Series A funding round led by Alpha Wave and co-led by Tiger Global, Norwest Venture Partners, Matrix Partners, and Creation Investments. The company has maintained a strong financial performance, reporting a net profit of Rs 290 crore on operating revenue of over Rs 900 crore for the financial year ending 2024.