OfBusiness, a B2B marketplace based in Bengaluru, has acquired 100% stake in Koeleman India, a subsidiary of Netherlands-based Koeleman Foods International, for around $10 million, according to reports. The acquisition marks OfBusiness’ entry into the food processing sector, giving it access to Koeleman India’s food processing facility and export markets. Koeleman India processes fruits and vegetables, including gherkins, olives, and baby corn, which it supplies to major food corporations in the US, Europe, and Australia. OfBusiness, which buys raw materials for SMEs across India, also provides cash-flow based financing through its financial arm Oxyzo. Its net profit rose 3.6x year-on-year to INR201.11 crore ($27 million) in FY22, while revenue from operations rose over four-fold to INR7,139 crore in the same period. OfBusiness not only operates as a B2B marketplace that buys raw materials for SMEs across India but also provides cash-flow based financing to these businesses through its financial arm Oxyzo. Oxyzo became a unicorn in March 2022, meaning its valuation crossed $1 billion. In FY22, OfBusiness reported a 3.6x year-on-year rise in its net profit to INR 201.11 crore ($27 million) and a revenue from operations that rose over four-fold to INR 7,139 crore ($961 million) in the fiscal year that ended in March 2022.
OfBusiness launched a mobile app to onboard small, medium, and micro enterprises (SMEs), traders, farmers, and distributors. The app provides information about the prices of raw materials and news related to the industry to help reduce the current opacity in the market. OfBusiness co-founder Nitin Jain discussed this in an earlier interview with Inc42. This move by OfBusiness is intended to further streamline its services and provide more value to its customers.