Ofbusiness, a prominent B2B commerce and fintech startup, is set to invest approximately Rs 3,000 crore to enhance its steel operations, aiming to increase production to over 4 million tonnes per annum (MTPA) within the next three years. The company recently acquired three steel firms: SMW Ispat, Shree Sidhbali Ispat, and Noble Steel, and plans to implement expansion strategies across all three enterprises.
Highlights
Investment Plans
Co-Founder and CEO Asish Mohapatra stated, “We are looking to invest around $350 million, approximately Rs 3,000 crore, to elevate our steel output from the current 2 million tonnes to over 4 million tonnes in the next three years. This expansion is anticipated to significantly boost sector EBITDA by 2.5 times from its present level. The funding will be sourced through a mix of internal accruals along with debt and equity financing.”
Clientele
Ofbusiness supplies steel to numerous prominent companies, including:
- L&T
- Adani
- J Kumar
- Dilip Buildcon
- Ashoka Buildcon
Product Expansion
The company also plans to diversify into new product categories, such as:
- Pre-painted galvanised iron (PPGI)
- Thermo-mechanically treated (TMT) bars
- Steel structures
Future Goals
Moreover, Ofbusiness is preparing for a $1 billion IPO in FY26. Mohapatra mentioned, “We have been continuously striving for business expansion and to play a role in India’s remarkable journey towards becoming a $10 trillion economy. To facilitate our growth plans, we are looking ahead to our $1 billion IPO in FY2026.”
Diverse Business Portfolio
Ofbusiness operates in various sectors, including steel, non-ferrous metals, bitumen, food products, and finished goods such as apparel and footwear, supplying to both domestic and international clients. In the past year, Ofbusiness successfully completed approximately 170,000 shipments throughout the country, aiding around 13,000 businesses in their growth and success.
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