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Monday, May 29, 2023

Amazing journey of Asish Mohapatra who was rejected 73 times before he built $5B biz

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Asish Mohapatra started his entrepreneurial journey with OfBusiness in 2015. In just eight years, his company has risen to an astounding Rs. 44,000 crore (about $5 billion) in value and income. In a podcast last year, the IIT Kharagpur graduate revealed his company’s goal of becoming the first startup by means of having a $100 million profit after tax (PAT) business. Despite his success, he lacks a corner office, which he richly deserves.

In the podcast, Mohapatra admitted that he does not have an assistant, an office, or a driver. He earned an MBA from the prestigious ISB (Indian School of Business). Worse, he doesn’t have a cabin. He made these sacrifices in order to establish a work atmosphere founded on the principles of equality, liberty, and fraternity.

He argued that the United States is the richest country in the world because its inhabitants preserve fundamental liberties. He asserted that he thought that once successful, he would fight for these values. When he did achieve considerable success, he developed an equitable workplace environment. He stated that there are no permanent positions in his company. He said that no one had a booked parking space.

He said that each employee who travels on business, regardless of seniority, travels in the economy class and then stays in shared lodgings. His success mantra is “hunt the unconceivable” and inspire other people to do the same. He was born in Odisha.

OfBusiness is a marketplace for buying commercial goods and services. In 2021, the business attained unicorn status. Its worth surpassed the 5 billion dollar threshold in a matter of months.

Its income for the fiscal year 2021–2022 increased 400 times, to Rs 7269 crore. In the previous year, it was Rs 1757 crore. The business sells agricultural products, chemicals, and industrial commodities.

He spent four years as a venture investor for Matrix Partners prior to beginning his own business. The FY 2022 profit after tax is Rs 125.63 crore. The company’s co-founders include his wife. They also created Oxyzo, an existing unicorn, which is another unicorn. It also brings in money.

He had many investment rejections. He stated to an investor that he desired to benefit from each transaction, and the investor corrected him by telling him, “Don’t talk small.” To burn and flourish, the possible investor suggested. He remained lucrative, nonetheless, as his guiding principle.

His mother was a professor of physics. She taught him the fundamentals of success. They were denied money 73 times. They did not give up though.

He anticipates a significant boost in his PAT. In the podcast, he stated that he expects his profit after tax to be nearly $80mn in FY 2023.

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