OfBusiness to Invest Rs 3,000 Crore in Steel Expansion

OfBusiness, a B2B commerce and fintech startup, plans to invest Rs 3,000 crore to double its steel production capacity in three years. The expansion involves acquisitions of three steel firms and will boost EBITDA. A USD 1 billion IPO is also planned for FY2026.

OfBusiness, a prominent B2B commerce and fintech startup, is set to make a significant investment of Rs 3,000 crore to double its steel production capacity. This strategic move aims to enhance output to over 4 million tonnes per annum (MTPA) within the next three years.

The company has previously acquired three steel firms: SMW Ispat, Shree Sidhbali Ispat, and Noble Steel. These acquisitions will be crucial to the upcoming expansion efforts. According to Co-Founder and CEO Asish Mohapatra, the company anticipates a sharp increase in EBITDA by 2.5 times through a combination of internal accruals and external financing, including debt and equity.

Additionally, OfBusiness is gearing up for a USD 1 billion IPO in FY2026 as part of its broader growth strategy. The company's investments and business initiatives are aligned with supporting India's projected USD 10 trillion economy.

(With inputs from agencies.)