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Friday, December 2, 2022

Ruchi Kalra, and her husband aim for first startup IPO in a year

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Ruchi Kalra, and her husband became India’s first couple to build separate unicorns or billion-dollar startups. They are now angling to debut one of those companies on public markets within a year.

OfBusiness, a provider of basic materials ranging from steel to chemicals to small enterprises, might go public in six months to a year, according to Ruchi Kalra, 38, who co-founded the venture with husband Ashish Mohapatra, 41.

Ruchi noted that the couple’s second venture, digital financing startup Oxyzo, might go public in approximately two years.

She said, “The companies are both ready for public markets. And at the proper, opportune time, you will see both companies go public over the next six months to two years.”

Ruchi and Ashish met while working for McKinsey & Co. before launching OfBusiness with numerous others in 2016.

They spun off Oxyzo a year later, which employs technology to crunch data and provide finance to businesses, filling a void in a credit-starved country where smaller enterprises struggle to secure operating cash.

According to the founders, both of their firms, which operate from separate offices and teams, are profitable. Oxyzo’s investors include Alpha Wave Global, Tiger Global Management, and Norwest Venture Partners, while OfBusiness is backed by SoftBank Group Corp, among others.

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