Startups like OfBusiness financial and Oxyzo raises 200 million Dollar in Series A funding round.
In India, startup companies were rapidly increasing. The latest startup of Kalra, Oxyzo Financial Services, announced on March 23 that it had raised $ 200 million as part of A Series of Fund Raising. With this, the company’s valuation had lifted to 1 billion dollars. It is the first time an Indian startup company has raised such a large amount of funds in the first round. As the company’s value reached $ 1 billion, Oxyzo Financial became a unicorn company and co-led by Tiger Global, Norwest Venture Partners, Matrix Partners, and Creation Investments.
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A year ago, Kalra’s husband Ashish Mohapatra’s business company reached the same value after getting support from Softbank Group Corporation and others. The company provides working capital financing for purchasing new material for SMEs in areas such as manufacturing & sub-contracting. From the beginning, the company continues to make good profits. “Both Off Business and Oxyzo have a strong credit profile, building confidence in 50+ financial institutions,” said Ashish Mahapatra, CEO of Of Business Group.
Inspiringly, out-standing couple.
Kalra (38) and Mohapatra (41) are alumni of the Indian Institute of Technology (IIT). The two met while working at McKinsey & Colo. It is heard from the business community that both of these startups are also profitable. Kalra is the Chief Executive Officer of Oxyzo, while Mohapatra is the CEO of OfBusiness. Matrix Partners & Creation Investments has also invested in Oxyzo, one of the successful series A rounds in the Indian startup industry. Oxyzo is a combination of Oxygen and ozone. The couple started their first startup of the business in early 2016 with three others. Kalra, Mohapatra, and three others then co-founded Oxyzo in 2017.
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