B2B unicorn OfBusiness unveils Nexizo, an AI-powered platform for Indian SMEs

OfBusiness, a homegrown B2B marketplace, has introduced Nexizo, a new AI-powered discovery and procurement platform designed to help small and medium enterprises (SMEs) in the infrastructure and manufacturing sectors streamline their operations.

The launch marks a strategic expansion for the company as it gears up for a potential $1 billion initial public offering in the second half of 2025.

A new platform for private-sector growth

Nexizo is built to help businesses find buyers, discover raw material prices, and gain competitive market insights. It also supports sales, logistics, and inventory management. While OfBusiness’s earlier platform, BidAssist, focused on government tenders and drew predominantly low- to mid-sized businesses, Nexizo shifts the spotlight to larger private-sector players with more complex needs.

“BidAssist will always be focused on government contractors, while Nexizo is potentially for bigger established players,” said Pyuish Upadhyay, chief business officer, digital at OfBusiness. He added that the platform will eventually target the private sector to address a wider range of high-value transactions.

Financial performance and IPO plans 

OfBusiness reported revenue of Rs 19,296 crore in fiscal 2024, an increase from Rs 15,343 crore in the previous financial year. The company’s profit grew by 30% over the same period to Rs 603 crore. With these numbers in hand, OfBusiness is looking to solidify its presence before a much-anticipated IPO slated for late 2025.

“We are already eyeing Rs 2,000 crore this fiscal, in just 24 months, as we look to move from an insights platform to a full-scale digital store,” Upadhyay said.

A broader ecosystem for SMEs  

Asish Mohapatra, founder and CEO of OfBusiness, described Nexizo as a crucial step in the company’s digital journey toward offering an end-to-end ecosystem for SMEs.

“Our ‘Nexizo.AI’ digital platform is another step towards helping SMEs get a seamless experience in creating a high-value market,” he said, underscoring the importance of providing both discovery tools and the capacity to handle entire transactions online.

Who are the founders?

Founded in 2015 by Asish Mohapatra, Nitin Jain, Ruchi Kalra, Vasant Sridhar, and Bhuvan Gupta, OfBusiness has raised about $800 million from investors, including SoftBank, Tiger Global, Z47 (formerly Matrix Partners), Creation Investments, Alpha Wave Global, and Norwest Venture Partners.

With Nexizo, the company aims to strengthen its vertical commerce ecosystem by combining materials, finance, and software solutions into a single platform. This approach builds on OfBusiness’s experience with BidAssist, whose AI engine processes and tracks millions of procurement data points annually.  

By offering Nexizo, OfBusiness hopes to give India’s growing SMEs—particularly those in the infrastructure and manufacturing sectors—a modern, AI-driven edge to thrive in competitive markets.