OfBusiness cofounder Nitin Jain quit the IPO-bound unicorn to build in manufacturing

OfBusiness is a Gurgaon-based B2B ecommerce marketplace selling raw materials — steel, metals, chemicals, textiles — with embedded financing, plus the Oxyzo lending arm.

Nitin Jain, an IIT Delhi alumnus and former VP of structured solutions trading at RBS, cofounded OfBusiness in 2015 with Asish Mohapatra, Ruchi Kalra, Vasant Sridhar and Bhuvan Gupta, serving as chief business officer across the marketplace and its fintech arm Oxyzo, an independent unicorn.

Jain had already departed once: last year he stepped down as CBO but rejoined while negotiating with investors to raise funds for a new venture. OfBusiness kept scaling — FY25 revenue of Rs 22,241 crore, up 15% year-on-year, profit after tax of Rs 597 crore — while preparing for an IPO, having raised $325 million in December 2021 at a $5 billion valuation and closed a ~$4 billion secondary transaction in late 2024.

On December 17, 2025 Jain announced his exit: 'after a decade built on nothing but grit, relentless ambition, and sheer will, I am moving on from OfBusiness, Oxyzo.' He said he would start something in manufacturing. The company wished him well, celebrating 'home grown talent... [who] have stepped out to build businesses in the B2B ecosystem'.

The departure was announced with the company's blessing — OfBusiness framed spinouts by 'home grown talent' as part of its culture.

Jain had tested leaving once before, rejoined while raising for the new venture, then left permanently once the plans firmed up.

He left a profitable, IPO-bound business — FY25 profit of Rs 597 crore on Rs 22,241 crore revenue — not a struggling one.

Responding to a user's comment, Jain confirmed his next stint would be in manufacturing, the sector OfBusiness itself sells into.

Founder departures from maturing startups are now sequenced, not sudden: Jain tested the exit a year early, negotiated investor interest, and left only when the company could bless the move publicly.

As of December 18, 2025, Jain had left both OfBusiness and Oxyzo, planning a manufacturing venture with investor conversations already reported the previous year. OfBusiness continued preparing for its public listing, still without a filed DRHP.