B2B commerce and fintech startup OfBusiness has announced plans to invest ₹3,000 crore to expand its steel production capacity from the current 2 million tonnes per annum (MTPA) to over 4 MTPA within the next three years. The company, which has previously acquired SMW Ispat, Shree Sidhbali Ispat, and Noble Steel, will focus its expansion efforts across these three facilities.
“We plan to invest close to $350 million (around ₹3,000 crore) to scale up our steel business. This expansion is expected to increase sector EBITDA by 2.5 times from current levels. The funding will come from a mix of internal accruals, debt, and equity financing,” said Asish Mohapatra, Co-Founder and CEO of OfBusiness.
OfBusiness supplies steel to major players like L&T, Adani, J Kumar, Dilip Buildcon, and Ashoka Buildcon. The company also plans to diversify its steel offerings by adding pre-painted galvanised iron (PPGI) products to its portfolio, which currently includes thermo-mechanically treated (TMT) bars and structural steel.
Looking ahead, OfBusiness is targeting a $1 billion IPO in FY26 to support its growth strategy. “We aim to contribute to India’s $10 trillion economic journey. Our planned IPO in FY26 will further bolster our expansion,” Mohapatra added.
Apart from steel, the company operates in sectors such as non-ferrous metals, bitumen, food products, and finished goods like apparel and footwear, catering to both domestic and international clients.
In 2023, OfBusiness delivered approximately 1.7 lakh shipments nationwide, supporting the growth of around 13,000 businesses. OfBusiness is a pioneering B2B platform that seamlessly combines raw material procurement and financing solutions to empower small and medium enterprises (SMEs) across India.
Established in 2015, the company specializes in providing industrial materials like steel, cement, and chemicals, while offering customized working capital loans through its financial arm, Oxyzo Financial Services. By leveraging technology and data analytics, OfBusiness enhances supply chain efficiency and enables SMEs to optimize their operations. With a strong focus on simplifying business processes and addressing the critical financial needs of its clients, OfBusiness is driving growth and innovation in India’s industrial and manufacturing sectors.
