IPO-Bound B2B Marketplace Startup OfBusiness Launches Nexizo, New AI Platform

OfBusiness, an IPO-bound B2B marketplace, has developed Nexizo.AI, a new SaaS platform to assist mid-market and big organizations in driving business growth.

The platform enables businesses to identify potential buyers for their products, gain market data for competitive intelligence, and determine raw material prices. Users can also employ software applications to improve their sales, shipping, and inventory tasks.

The organization stated that it is looking for “top-tier” small and medium-sized enterprises (SMEs) functioning in the infrastructure and manufacturing sectors.

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In a statement, the unicorn stated that the introduction of the new platform is a “strategic step” toward developing a vertical commerce ecosystem focusing on materials, finance, and software solutions ahead of its IPO this year.

“Our ‘Nexizo.AI’ digital platform is another step in our digital journey to assist SMEs in achieving a seamless end-to-end experience and creating a high-value market.” Asish Mohapatra, founder and CEO of OfBusiness, stated, “The ‘Nexizo.AI’ allows us to open our ecosystem to other players, offering not only lead discovery but a seamless end-to-end transaction experience tailored for high-value markets.”

The company has developed an AI engine for its BidAssist platform that converts complex public procurement data into meaningful purchasing signals. The engine, it claims, processes and tracks over 25 million data points per year from over 50 million tenders and documents.

In a LinkedIn article, OfBusiness’ CBO-Digital Piyush Upadhyay stated that while BidAssist is aimed at government contractors, Nexizo is for larger established businesses “as the complexity and sophistication of the solution expands multifold.” He stated that Nexizo will eventually target the private sector.

The new platform launches as OfBusiness prepares for a public listing in the latter half of 2025. It intends to raise up to $1 billion through its IPO, which will include a new $200 million offering. It hopes to get a valuation between $6 billion and $9 billion.

OfBusiness began their IPO attempt in November, recruiting five investment bankers as book runners: Axis Capital, Morgan Stanley, JPMorgan, Citigroup, and Bank of America.

Cofounder Jain stated at the time that OfBusiness would prioritize increasing profitability before going public. In fiscal year 2023-24 (FY24), its net profit increased 30% year on year (YoY) to INR 603 crore, while operational revenue increased by more than 25% YoY to INR 19,296.3 crore.