OfBusiness plans to invest Rs 3k crore in next 3 years to mobilize steel business
OfBusiness, a b2b commerce and fintech startup, is looking to invest around Rs 3,000 crore in multiplying its steel business to over 4MTPA in the next three years.
The company acquired three steel firms — SMW Ispat, Shree Sidhbali Ispat and Noble Steel — in the past and expansion has been incorporated in all three companies.
“We are looking forward to invest close to $350 million, which is about Rs 3,000 crore, to grow our steel business from 2 million tonnes to over 4 million tonnes in the next three years.
This is also expected to significantly increase the sector’s EBITDA to 2.5x from the current level. The funding will be a combination of internally raised funds and debt and equity funds,” said founder and CEO Asish Mohapatra.
The company supplies steel to companies like L&T, Adani, J Kumar, Dilip Buildcon, Ashoka Buildcon.
OfBusiness also plans to enter new categories such as pre-painted galvanized iron (PPGI) which adds to bars and buildings treated with thermo-mechanical treatment (TMT).
The company is also planning a 1 billion IPO in FY26.
“We have been consistently successful in expanding our business and have been a part of India’s incredible journey of growing the USD 10 trillion economy.
To support our expansion plans we are looking forward to our $1 billion IPO in FY2026,” said Mohapatra.
OfBusiness has engaged in the business of steel, non-ferrous metals, bitumen, food products, and finished goods such as clothing and footwear, serving its domestic and international customers.
Last year, OfBusiness launched about 170,000 goods across the country, enabling about 13,000 businesses to grow and develop.
