Asish Mohapatra grew up in Odisha and got into IIT Kharagpur without coaching. He went on to McKinsey and then to venture capital before leaving in August 2015 to start OfBusiness.
He began by studying balance sheets every day and learning how small manufacturers worked. Investors rejected his plan 73 times. About 95 percent of transactions ran on credit that the company did not control, which was the flaw they had spotted.
In December 2016 a round of about 70 crore rupees led by Zodius Capital let him build credit in-house, later known as Oxyzo. Revenue reached 100 crore rupees in 2018. In August 2021 a round of about 1,300 crore rupees led by Tiger Global made OfBusiness a unicorn, serving about seven lakh small businesses.
Co-founder Nitin Jain left in December 2025. OfBusiness reported 20,645 crore rupees in operating revenue and a net profit of 724 crore rupees for FY26. The IPO planned for 2025 has been deferred.