Ep50: Building at the intersection of Commerce & Finance ft. OfBusiness

Brought to you by the Founders Unfiltered podcast by A Junior VC - Unscripted conversations with Indian founders about their story and the process of building a company. Hosted by Aviral and Mazin.

Join us as we talk to Nitin and Vasant, two of the co-founder of OfBusiness about their story.

Asish’s desire to leave a crater of impact in the world, coupled with his “hands-on” nature of getting into the mud made him realise that his calling was in entrepreneurship. Even though he and his cofounders - Ruchi Kalra, Bhuvan Gupta - were in their late thirties, they decided to take the plunge.

Convincing Ruchi to join OfBusiness was probably harder for Asish. Ruchi was not only Asish’s wife but was also a partner at the consulting firm they worked together. Bhuvan, back then head of Tech at Snapdeal, was a friend of Asish’s, and both of them were discussing starting up for quite some time. Asish was discussing the problem of finding a tech co-founder with Bhuvan, and he joined as a co-founder.

Nitin Jain, an IIT Delhi Silver medallist and investment banker, and Vasant Sridhar joined the journey a month into the journey. They brought in skill sets that were complementary, but necessary for the success of the venture.

You need to stand on the shoulders of a giant to look further. Asish did that just, by assembling a great team with complementary skill-sets. In 2015, OfBusiness v1.0 was born.

About OfBusiness: 

While commerce contributes 55% of its total net revenue, lending and SaaS have a pie of 43% and 2%, respectively. In terms of profits, lending is its biggest contributor followed by commerce. With these two pillars, Ofbusiness serves over 9,000 businesses. But perhaps more importantly it laid the foundation for unique digital services that allows SMEs to tap the global market.

Bidassist gives their customers access to government and private tenders across the globe from North America to Russia to the Philippines. Over 6 lakhs business had used bidassist for government and global tenders. OfBusiness has issued loans of 10,000 Cr+, supports more than 5,000 clients and 2,000 suppliers across their suite of products.

They have built a profitable business with a large and engaged user base that they are uniquely positioned to serve better than any other bank, fintech or e-commerce platform can stand alone.

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