Meet India’s first husband and wife to each have a unicorn, IPO coming soon
- ByStartupStory | April 12, 2022
A couple who became the country’s first husband and woman to launch separate billion-dollar businesses is hoping to go public with one of them this year. Ruchi Kalra, 38, and her spouse Ashish Mohapatra, 41, each has two-billion-dollar enterprises under their belts: OfBusiness and Oxyzo.
Ruchi Kalra, who co-founded the startup with her husband Ashish Mohapatra, told that OfBusiness, a provider of basic commodities ranging from steel to chemicals to small enterprises, might go public in six to a year. She added that the couple’s other venture, digital lending startup Oxyzo, might go public in two years.
Both alums of the Indian Institute of Technology, Kalra and Mohapatra met while working at McKinsey & Co. Later in 2016, the pair co-founded OfBusiness with Vasant Sridhar, Bhuvan Gupta, and Nitin Jain. They launched the digital lending platform Oxyzo a year later, which was named after combining the words oxygen and ozone. Both businesses have been profitable, with significant international corporations as investors.
After SoftBank and others invested in April of last year, OfBusiness’s valuation surpassed $1 billion. As Softbank and others continued to spend additional money, the valuation increased to approximately $5 billion by the end of December 2021. Following investments from Alpha Wave Global, Tiger Global Management, Norwest Venture Partners, and others, Oxyzo received a billion-dollar valuation last month.`
Oxyzo’s revenue from operations was 810.5 crore in the December 2021 quarter, up significantly from 479.24 crores the previous quarter. In Q2FY22, the company made a revenue of 728.3 crores. Meanwhile, the company’s net profit nearly doubled to over 19 crores in Q3FY22, up from 9.45 crore in Q3FY21, while the bottom line increased from 15.58 crore in Q2FY22.
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