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Why OfBusiness's Business Model is so successful?

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OfBusiness’s Company Overview


OfBusiness, founded in 2015 by Asish Mohapatra, Bhuvan Gupta, and Ruchi Kalra, is an Indian fintech company that specializes in providing innovative financing solutions and procurement services for small and medium-sized enterprises (SMEs) in the country. The platform focuses on addressing the financial needs of businesses across various industries by offering customized credit facilities, raw material procurement, and supply chain financing. OfBusiness aims to empower SMEs by providing them with access to working capital and facilitating efficient procurement processes. OfBusiness is a technology-driven SME financing platform that adds value to SMEs by addressing finance and operational needs. OfBusiness offers sale (raw material procurement), purchase (channel financing, and distribution), and repayment (unsecured credit) solutions to SMEs. The company has developed proprietary algorithms that use non-traditional data sources to perform financial profiling of SMEs and to predict business performance. OfBusiness has a diversified customer base of over 1000 SMEs across 10+ sectors including manufacturing, healthcare, and construction. The company has a team of over 300 people and is headquartered in Gurgaon, India. The business model of OfBusiness is based on a combination of lending and procurement services. On the lending side, the company extends credit to SMEs, offering them working capital loans and other financial products tailored to their specific industry requirements. OfBusiness earns revenue through interest and fees charged on these financial services. On the procurement side, the platform assists businesses in sourcing raw materials and other goods at competitive prices, negotiating with suppliers to ensure cost-effectiveness. The company may charge a margin or fee for its procurement services. The dual approach of providing financial support and optimizing procurement processes has positioned OfBusiness as a valuable partner for SMEs seeking holistic solutions to enhance their operational efficiency and growth.

https://www.ofbusiness.com/

Country: Haryana

Foundations date: 2015

Type: private

Sector: Financials

Categories: Manufacturing


OfBusiness’s Customer Needs


Social impact:

Life changing: self-actualization

Emotional: rewards me, fun/entertainment, attractiveness

Functional: saves time, reduces risk, reduces cost, quality, variety, informs


OfBusiness’s Related Competitors



OfBusiness’s Business Operations


Brokerage:

A brokerage firm's primary responsibility is to serve as a middleman, connecting buyers and sellers to complete transactions. Accordingly, brokerage firms are compensated through commission once a transaction is completed. For example, when a stock trade order is executed, a transaction fee is paid by an investor to repay the brokerage firm for its efforts in completing the transaction.

Channel aggregation:

Consolidating numerous distribution routes into one to achieve greater economic efficiency. A business model for internet commerce in which a company (that does not manufacture or warehouse any item) gathers (aggregates) information about products and services from many competing sources and displays it on its website. The firm's strength is in its power to create an 'environment' that attracts users to its website and develop a system that facilitates pricing and specification matching.

eCommerce:

Electronic commerce, or e-commerce (alternatively spelled eCommerce), is a business model, or a subset of a larger business model, that allows a company or person to do business via an electronic network, usually the internet. As a result, customers gain from increased accessibility and convenience, while the business benefits from integrating sales and distribution with other internal operations. Electronic commerce is prevalent throughout all four main market segments: business to business, business to consumer, consumer to consumer, and consumer to business. Ecommerce may be used to sell almost any goods or service, from books and music to financial services and airline tickets.

Ecosystem:

A business ecosystem is a collection of related entities ? suppliers, distributors, customers, rivals, and government agencies ? collaborating and providing a particular product or service. The concept is that each entity in the ecosystem influences and is impacted by the others, resulting in an ever-changing connection. Therefore, each entity must be adaptive and flexible to live, much like a biological ecosystem. These connections are often backed by a shared technical platform and are based on the flow of information, resources, and artifacts in the software ecosystem.

Integrator:

A systems integrator is an individual or business specializing in integrating component subsystems into a unified whole and ensuring that those subsystems work correctly together. A process is known as system integration. Gains in efficiency, economies of scope, and less reliance on suppliers result in cost reductions and may improve the stability of value generation.

Online marketplace:

An online marketplace (or online e-commerce marketplace) is a kind of e-commerce website in which product or service information is supplied by various third parties or, in some instances, the brand itself, while the marketplace operator handles transactions. Additionally, this pattern encompasses peer-to-peer (P2P) e-commerce between businesses or people. By and large, since marketplaces aggregate goods from a diverse range of suppliers, the variety and availability are typically greater than in vendor-specific online retail shops. Additionally, pricing might be more competitive.

Platform as a Service (PaaS):

Platform as a Service (PaaS) is a class of cloud computing services that enable users to create, operate, and manage apps without the burden of establishing and maintaining the infrastructure usually involved with designing and developing an app.

Spectrum retail:

Utilizes a multi-tiered e-commerce approach. The firm first focused on business-to-consumer connections with its customers and business-to-business ties with its suppliers. Still, it later expanded to include customer-to-business transactions after recognizing the importance of customer evaluations in product descriptions. It now also enables customer-to-customer transactions by establishing a marketplace that serves as a middleman for such transactions. The company's platform enables nearly anybody to sell almost anything.

Supply chain:

A supply chain is a network of companies, people, activities, data, and resources that facilitate the movement of goods and services from supplier to consumer. The supply chain processes natural resources, raw materials, and components into a completed product supplied to the ultimate consumer. In addition, used goods may re-enter the distribution network at any point where residual value is recyclable in advanced supply chain systems. Thus, value chains are connected through supply chains.

Trading data:

Combining disparate data sets enables businesses to develop a variety of new offerings for complementary companies. Robustness is a property that describes a model's, test's, or system's ability to perform effectively when its variables or assumptions are changed, ensuring that a robust concept operates without fail under various conditions. In general, robustness refers to a system's capacity to deal with unpredictability while remaining practical.

Transaction facilitator:

The business acts as an acquirer, processing payments on behalf of online merchants, auction sites, and other commercial users for a fee. This encompasses all elements of purchasing, selling, and exchanging currencies at current or predetermined exchange rates. By far the biggest market in the world in terms of trade volume. The largest multinational banks are the leading players in this industry. Around the globe, financial hubs serve as anchors for trade between a diverse range of various kinds of buyers and sellers 24 hours a day, save on weekends.

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