OfBusiness buys remaining 30% stake in Indian Design

B2B unicorn OfBusiness has acquired the remaining 30% stake in Indian Design, giving it full ownership of the Bengaluru-based garment and home textile manufacturer.

The deal comes months after OfBusiness picked up a majority stake and aligns with its plan to consolidate its commerce units across metals, apparels, chemicals and agri-processing before its planned market listing next fiscal.

The acquisition strengthens the company’s push toward a manufacturing-led model. 

Indian Design generates about Rs 1,300 crore in annual revenue and supplies to global retailers including H&M, GAP, Old Navy, Columbia and IKEA. The unit will now sit inside OfBusiness’s apparel vertical, which also works with brands such as Zara, Abercrombie & Fitch, Michael Kors, Uniqlo, Adidas and Skechers.

Company co-founder Vasant Sridhar said the apparel business has reached roughly Rs 3,000 crore in revenue, with close to 80% coming from exports, and that the company is building a single sourcing and design hub covering garments, accessories and footwear for global buyers.

The group’s financial performance has supported its expansion strategy. For FY25, OfBusiness reported consolidated revenue of Rs 22,241 crore and a PAT of Rs 597 crore, alongside a net worth of Rs 9,400 crore and cash reserves of more than Rs 2,500 crore. Oxyzo, its lending arm, recorded an asset base of Rs 9,200 crore with NPAs at 1.1% as of March 2025.

With global retailers diversifying sourcing and seeking consolidated supply chains, the company is positioning itself as an end-to-end partner that spans design, manufacturing, financing and supply chain visibility. Ahead of its IPO, OfBusiness is merging its key commerce subsidiaries into the holding company through an NCLT-approved process to create a unified structure for public markets.

Founded in 2015, the Gurugram-based platform originally focused on raw material fulfilment but has been expanding into branded manufacturing to counter competition in commodity aggregation.

OfBusiness has raised Rs 5,370 crore in equity from investors, including SoftBank Group, Tiger Global, Z47, Zodius Capital, Creation Capital, Falcon Edge and Norwest Venture Partners.