Ashish Mohapatra: The Story of Turning Setbacks Into Success of OfBusiness

Entrepreneurship is a journey of bold risks, countless rejections, and a relentless pursuit of one’s vision. Few stories embody this truth. The story of Ashish Mohapatra and his wife Ruchi Kalra, the founder and CEO of OfBusiness, a B2B commerce and fintech startup that defied odds to become one of India’s most successful ventures.

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Early days and career 

Ashish was born and raised in Cuttack, Odisha. He completed her schooling at SCB Medical School of Cuttack. He belongs to a well-educated family; her mother was an IIT graduate and physics teacher. He has been an intelligent child since his childhood. Unlike many IIT aspirants, Ashish made it to IIT Kharagpur without the crutch of coaching classes. After graduating with a degree in engineering, he took another leap by enrolling for an MBA at the Indian School of Business (ISB).

Ashish began his professional career in March 2002, when he grabbed a job as a Maintenance Manager, and subsequently an Operations Manager at ITC Ltd. After completing his B. Tech at IIT Kharagpur. At ITC, he managed teams in the company. He left ITC in 2005 to pursue MBA. 

After earning his master's degree, he worked at McKinsey & Company, where he spent four years as an Engagement Manager, learning the intricacies of consulting. He took particular interest in the healthcare sector and spent a long duration at McKinsey serving MNCs and domestic Indian companies in pharmaceuticals, medical equipment, and pharma support services. He also met his wife, Ruchi Kalra, during his time at McKinsey & Company. He worked there till 2010.

In 2010, Asish started working at Matrix Management Corporation as a senior associate. He was a board member of 7 companies in healthcare and 9 portfolio companies. At the end of 2015, Asish left the company and founded a startup with his wife Ruchi, called OFB Tech Pvt. Ltd or OfBusiness, which serves as a single-window for SMEs to get secured and unsecured credit.

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Entrepreneurial Journey: The Birth of OfBusiness

Ashish Mohapatra's idea for OfBusiness was deceptively simple: to create a one-stop shop for SMEs involved in manufacturing and infrastructure. He envisioned helping them procure raw materials while offering tech-enabled financing solutions. Ashish and his wife Ruchi launched it in 2015 and headquartered in Gurugram. OfBusiness began by providing metals and cement to industries. The startup quickly saw traction, achieving monthly orders worth ₹20 Crores and netting a ₹30 Lakh profit.

However, success came with its own set of challenges. Despite early wins, Mohapatra realised he was missing a critical component: credit facilities for his customers. A staggering 95% of transactions were happening on credit, and without in-house financing capabilities, SMEs hesitated to do business with him.

Their journey was not so smooth, their entrepreneurial path was defined by rejection. Unable to convince investors of the viability of his credit model, Ashish’s fundraising efforts turned into a nightmare. With no background in credit, 73 venture capitalists rejected their proposals. The rejections were disheartening, but The couple refused to give up.

Instead of succumbing to doubt, they decided to learn everything they could about credit. He spent an entire year analysing balance sheets of various companies and visited SME offices across India to understand their financial needs and pain points. Armed with newfound knowledge, Ashish came back stronger, determined to win over the 74th investor.

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The 74th Investor Ashish's resilience finally paid off in December 2016, when Zodius Capital led the first funding round in OfBusiness. This capital allowed Ashish to build the much-needed credit capabilities within the company. The model was a hit: OfBusiness now offered low-interest, collateral-free credit to SMEs, slashing the loan disbursement time from 90 days to 72 hours. By 2018, the company had disbursed over ₹100 Crores in loans and achieved ₹500 Crores in revenue.

With the credit model proving successful, Ashish expanded the company’s offerings to include digital services like BidAssist (government tender mapping) and ProcureAssist (vendor management). The rejected startup had now become the darling of venture capitalists, raising ₹500 Crores from investors like Norwest, AlphaWave, and Innoven Capital.

By 2021, OfBusiness was serving over 7 lakh SMEs and had expanded its product portfolio to include agricultural produce and specialty chemicals. The company’s lending vertical, meanwhile, boasted a loan book of ₹1,500 Crores, contributing 43% of total revenue. 

Ashish Mohapatra's dream moment came in August 2021, when OfBusiness raised ₹1,300 Crores from Tiger Global, catapulting the company to unicorn status with a valuation of ₹10,000 Crores. The company became India's 18th unicorn of 2021. In FY23, OfBusiness reported a profit of ₹463 Crores, with total revenue exceeding ₹15,000 Crores which was a meteoric rise for a company that started just eight years ago.

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Ashish Mohapatra Family

Ashish attributes much of his success to his family. His mother, a physics professor, instilled in him a deep understanding of financial discipline and profitability. He also had the unwavering support of his wife. Ashish Mohapatra’ wife Ruchi kalra, who is also a co-founder of OfBusiness. Together, they persevered through the 73 rejections, proving that belief in one’s vision, coupled with hard work, can indeed pay off.

In 2016, His wife Ruchi Kalra, Co-Founded Oxyzo Financial Services, the business soon gained a lot of success. They have become the first Indian couple to each have a unicorn of their own.

Today, OfBusiness boasts a revenue of over ₹7,139 Crores and a valuation of a whopping ₹40,000 Crores. Mohapatra's journey is a testament to the power of perseverance, vision, and the willingness to learn from failure. His story is an inspiration to young entrepreneurs everywhere and proves that rejection is not the end.

Written by Manvi