OfBusiness FY24 operating revenue up 26% on year to Rs 19,296 crore
Business-to-business (B2B) ecommerce platform OfBusiness posted a 25.7% rise in operating revenue to Rs 19,296.27 crore for the financial year ended March 31, 2024. The company’s consolidated net profit also increased by 30% to Rs 602.97 crore from Rs 463.25 crore a year ago.
Total expenses grew to Rs 18,695.75 crore in FY24 from Rs 15,037.46 crore a year ago. A significant amount of the expenditure was attributed to the purchase of stock-in-trade amounting to Rs 13,339.64 crore. The cost of materials consumed increased to Rs 3,595.39 crore from Rs 2,719.67 crore in FY23.
OfBusiness last raised funding in December 2021, when it got cheques for $325 million in its Series G round, which was led by Alpha Wave Global, Tiger Global and SoftBank Vision Fund. The round had valued the company at $5 billion.
