Ruchi Kalra stands as a formidable force in India’s entrepreneurial landscape, having co-founded two unicorn startups—OfBusiness and Oxyzo Financial Services—alongside her husband, Asish Mohapatra. Their combined ventures have redefined B2B commerce and financial services, emphasizing profitability and sustainable growth.
Early Life and Career
An alumnus of IIT Delhi, Ruchi Kalra’s academic foundation laid the groundwork for her future endeavors. Before embarking on her entrepreneurial journey, she honed her skills at McKinsey & Company, where she served as a partner specializing in financial services and business strategy. Her tenure at McKinsey equipped her with invaluable insights into business operations and strategy, which she later applied to her ventures.
OfBusiness: Revolutionizing B2B Procurement
In 2015, Ruchi Kalra and Asish Mohapatra co-founded OfBusiness, a B2B procurement platform catering to small and medium-sized enterprises (SMEs). The platform offers bulk raw materials such as steel, chemicals, and food grains, alongside working capital financing solutions. OfBusiness has achieved a valuation of approximately $5 billion and is poised for an initial public offering (IPO) in 2025, targeting a valuation between $6 billion and $9 billion.
Oxyzo Financial Services: Empowering SMEs with Credit
Recognizing the credit gap faced by SMEs, Ruchi Kalra co-founded Oxyzo Financial Services in 2017 as a subsidiary of OfBusiness. Oxyzo leverages technology to provide cash-flow-based loans to businesses, facilitating their growth and operational efficiency. The company has disbursed over $2 billion in loans and has been profitable since its inception.
Challenges and Triumphs
The journey to success was not without its challenges. In the early stages, Ruchi and Asish faced rejection from investors on 73 occasions. However, their perseverance and commitment to profitability over rapid growth eventually garnered the support of investors, leading to the establishment of two successful unicorns.
Recognition and Impact
Ruchi Kalra’s contributions to the startup ecosystem have been widely recognized. She was ranked among India’s self-made women by the M3M Hurun India Rich List 2025, with her family possessing approximately ₹5,640 crore in wealth. Her leadership has inspired a shift towards sustainable business models among emerging entrepreneurs.
Conclusion
Ruchi Kalra’s journey from a consultant to a successful entrepreneur underscores the impact of visionary leadership and resilience. Through OfBusiness and Oxyzo, she has not only transformed the B2B landscape but has also set a benchmark for aspiring entrepreneurs in India. As she continues to lead these ventures towards greater heights, Ruchi Kalra remains a beacon of innovation and perseverance in the Indian startup ecosystem.
