Fintech unicorn Oxyzo has raised INR 100 Cr (approximately $11.5 Mn) through debt financing from AK Capital. According to a regulatory filing, the company’s board approved the allotment of 1,00,000 non-convertible debentures (NCDs) at an issue price of INR 10,000 each, securing the funding to enhance its long-term resources and manage operational expenses.
The funding arrangement, first reported by Entrackr, features a 24-month tenure with an interest rate of 9.75% per annum.
Oxyzo, the fintech subsidiary of OfBusiness, entered the unicorn club in March 2022 after securing $200 Mn in its first funding round from Tiger Global, Norwest Venture Partners, Alpha Wave, Matrix Partners, and Creation Investments.
The company claims to have disbursed $2.6 Bn across 40,000+ nodes, leveraging its data-driven approach to develop a tech-enabled supply chain and embedded finance marketplace. This model addresses the underpenetration of formal credit in India’s economy.
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With an AUM of $360 Mn, Oxyzo is currently rated A+ by ICRA and CARE.
