Quick Take
- Oxyzo FY26 revenue rose +23% YoY to Rs 1,494 Cr, with PAT up +10% to Rs 375 Cr.
- AUM grew +28% to Rs 11,822 Cr; gross NPA held tight at 0.74%, net NPA at 0.30%.
- Oxyzo acquired GoldenPi and launched a private credit fund, signalling a shift beyond pure lending.
Oxyzo FY26 revenue climbed +23% year-on-year (YoY) to Rs 1,494 Cr ($178 Mn), as the Gurugram-based fintech unicorn maintained profitable growth for the fourth consecutive fiscal year. PAT (Profit After Tax, the money a company keeps after all taxes are paid) rose +10% to Rs 375 Cr, according to consolidated financial statements reviewed by Entrackr.
The results reinforce Oxyzo Financial Services as one of India’s most financially disciplined NBFCs (Non-Banking Financial Companies, lenders that are not banks but are regulated by the RBI). They also arrive as its parent company, OfBusiness, prepares for a $1 Bn (roughly Rs 8,400 Cr) IPO (Initial Public Offering, when a private company first lists shares publicly).
StartupFeed Insight
The Oxyzo FY26 revenue number tells half the story. The other half is in what Oxyzo is building around the revenue. A gross NPA (Non-Performing Asset, a loan where repayment is overdue beyond 90 days) of 0.74% on a Rs 10,545 Cr loan book that grew 28% is exceptional by any NBFC benchmark. Most lenders that grow loan books this fast see NPA spike. Oxyzo has not. This discipline, combined with a CRAR (Capital to Risk-weighted Assets Ratio, a measure of a lender’s financial strength) of 29% against RBI’s 15% minimum, gives it a large buffer to keep growing without a fresh equity raise. Founders building B2B fintech or supply-chain credit tools should study Oxyzo’s data-led underwriting model.
The GoldenPi acquisition and the private credit fund launch signal that Oxyzo is transitioning from a lender to a full-stack financial services platform for SMEs, a shift that will likely be completed by FY28, by StartupFeed Desk.
Oxyzo FY26 Revenue and Profit: Full Breakdown
| Metric | FY26 | FY25 | YoY Change |
|---|---|---|---|
| Operating Revenue | Rs 1,494 Cr | Rs 1,207 Cr | +23% |
| PAT (Profit After Tax) | Rs 375 Cr | Rs 340 Cr | +10% |
| AUM (Assets Under Management) | Rs 11,822 Cr | ~Rs 9,235 Cr (estimated) | +28% |
| Loan Book | Rs 10,545 Cr | Not disclosed | Strong growth |
| Net Worth | Rs 3,327 Cr | Not disclosed | Positive |
| Gross NPA | 0.74% | Not disclosed | Healthy |
| Net NPA | 0.30% | Not disclosed | Healthy |
| RoA (Return on Assets) | 3.8% | Not disclosed | Healthy |
| CRAR (Capital Adequacy Ratio) | 29% | Not disclosed | Well above RBI minimum of 15% |
| Liquidity Surplus | Rs 950+ Cr | Not disclosed | Strong |
Revenue growth has decelerated from +34% in FY25 to +23% in FY26, as expected on a larger base. Profit growth also moderated from +16.5% in FY25 to +10% in FY26. Neither trend is alarming: Oxyzo’s absolute loan book and revenue numbers are substantially larger, and asset quality has held.
About Oxyzo Financial Services
Oxyzo Financial Services is a Gurugram-based NBFC and fintech unicorn founded in 2016. It is the lending arm of OfBusiness, a B2B industrial goods procurement platform. Oxyzo’s co-founders are Ruchi Kalra (CEO), Asish Mohapatra, and Bhuvan Gupta, among others. Ruchi Kalra and Asish Mohapatra are a married couple, both IIT alumni who met at McKinsey, making them India’s first husband-wife duo to each lead a separate unicorn.
The company achieved unicorn status in March 2022 after raising $200 Mn ($200 million) in a Series A round led by Alpha Wave Global and Tiger Global. Its lending partners include SBI, Axis Bank, Federal Bank, Kotak Mahindra Bank, SIDBI, and IDFC First Bank. As of March 2026, Oxyzo managed AUM of Rs 11,822 Cr and had nearly 1,000 employees.
Is Oxyzo Profitable and How Strong Is Its Asset Quality?
Oxyzo has been profitable since inception, an uncommon feat among growth-stage Indian fintech startups. In FY26, it posted an RoA of 3.8%. For context, India’s large commercial banks typically report RoA of 1.5% to 2.0%. A 3.8% RoA from a high-growth NBFC reflects exceptionally efficient capital deployment.Its gross NPA of 0.74% on a Rs 10,545 Cr loan book is also well below the Indian NBFC sector average of roughly 4% to 6%. Oxyzo uses transactional data from OfBusiness’s procurement platform to underwrite credit. This data advantage lets it assess the true creditworthiness of SMEs in real time, rather than relying only on historical financial statements.
The company’s CRAR of 29% is nearly double the RBI minimum of 15%. This means Oxyzo can expand its loan book significantly without needing fresh equity capital in the near term. Its liquidity surplus of over Rs 950 Cr as of March 2026 adds another layer of safety.
What Is Oxyzo Building Beyond Lending?
FY26 marks the year Oxyzo began building a financial services ecosystem around its core lending business.
In March 2026, it launched Oxyzo Credit Fund I (OCF-I), a performing credit fund under its alternative investment platform. It simultaneously set up Oxyzo Investment Manager Private Limited as a new subsidiary to manage external capital.
In May 2026, Oxyzo acquired GoldenPi Technologies and its affiliate GoldenPi Securities in a share-swap deal valued at Rs 42.4 Cr ($4.4 Mn). GoldenPi is a SEBI-registered online bond platform with over 16 lakh users who have invested more than Rs 6,000 Cr via the platform since launch. GoldenPi’s backers include Rainmatter Capital (Zerodha’s investment arm) and investor Utpal Sheth.
The acquisition gives Oxyzo a ready-made retail fixed income distribution network. This extends Oxyzo’s reach from B2B SME lending into retail and HNI (High Net-worth Individual) debt investment, two very different customer segments.
How Does Oxyzo Compare to NBFC Peers?
| Company | FY26 Revenue | Gross NPA | Listed |
|---|---|---|---|
| Oxyzo Financial Services | Rs 1,494 Cr | 0.74% | No (OfBusiness IPO pending) |
| InCred Finance | Not publicly disclosed (FY26) | Not publicly disclosed | No |
| Five Star Business Finance | Rs 2,400+ Cr (estimated FY26) | ~1.2% (FY25) | Yes (NSE, BSE) |
Oxyzo’s NPA discipline is the standout metric in any peer comparison. Most SME-focused NBFCs accept higher NPA as the cost of reaching underserved borrowers. Oxyzo’s data moat from OfBusiness keeps that cost low.
What’s Next
Watch for two milestones. First, the OfBusiness IPO, which is expected to raise around $1 Bn and will include Oxyzo’s financials prominently in the prospectus. Second, Oxyzo’s integration of GoldenPi and its ramp of the private credit fund will determine whether the company can generate meaningful fee-based income alongside its interest income by FY28. Will Oxyzo be the first profitable Indian fintech unicorn to anchor a $1 Bn parent IPO with pristine numbers?
Frequently Asked Questions
What was Oxyzo’s revenue and profit in FY26?
Oxyzo’s operating revenue rose +23% YoY to Rs 1,494 Cr in FY26, up from Rs 1,207 Cr in FY25. PAT (Profit After Tax) grew +10% to Rs 375 Cr, compared to Rs 340 Cr in the previous year. The company’s AUM (Assets Under Management, the total value of loans it manages) also expanded +28% to Rs 11,822 Cr. Oxyzo has been profitable every year since its founding in 2016.
Who founded Oxyzo Financial Services and when did it become a unicorn?
Oxyzo Financial Services was founded in 2016 in Gurugram by Ruchi Kalra (CEO), Asish Mohapatra, and Bhuvan Gupta, among others. It is the lending arm of B2B procurement platform OfBusiness, which was co-founded by the same team. Oxyzo became a unicorn (a startup valued at $1 Bn or more) in March 2022 after raising $200 Mn in a Series A round led by Alpha Wave Global and Tiger Global Management. Ruchi Kalra and Asish Mohapatra are married, making them India’s first husband-wife pair to each independently lead a unicorn.
What did Oxyzo do beyond lending in FY26?
Oxyzo made two strategic moves in FY26 beyond its core SME lending business. In March 2026, it launched Oxyzo Credit Fund I (OCF-I), its first performing credit fund, through a new subsidiary called Oxyzo Investment Manager. In May 2026, it acquired GoldenPi Technologies and GoldenPi Securities in a share-swap deal worth Rs 42.4 Cr. GoldenPi is a SEBI-registered bond platform with over 16 lakh users and more than Rs 6,000 Cr in total investment flows since launch, giving Oxyzo a direct entry into retail fixed income distribution.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. The analysis above is based on publicly available information and should not be the sole basis for any investment decision. Please consult a SEBI-registered financial advisor before making investment decisions.
