Debt financing
E-commerce co. OfBusiness’ lending arm Oxyzo secures Rs.100-Cr from AK Capital
Gurugram-based fintech unicorn Oxyzo has secured INR 100 crore (approximately USD 12 million) in debt from AK Capital Finance, a subsidiary of merchant banker AK Capital Services Ltd, through the allotment of 1,00,000 non-convertible debentures (NCDs) at an issue price of INR 10,000 each.The debentures are issued for a tenure of 24 months and carry an interest rate of 9.75% per annum. The new funds will be used to augment the long-term resources of the company and meet working capital requirements.Founded in 2016 by Asish Mohapatra and Ruchi Kalra, Oxyzo is the lending arm of B2B e-commerce unicorn OfBusiness, providing customized credit solutions for SMEs (small and medium enterprises). It offers term loans, working capital solutions at low-interest rates, and collateral-free credit options.
In March 2022, Oxyzo Financial Services had raised about USD 200 M from Alpha Wave Global, Creation Investments, Norwest, Tiger Global, Z47 and others.For FY24, Oxyzo Financial Services had reported about INR 853.14 Cr in Operating Income and about INR 285.68 Cr in PAT.
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