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I’ll give you money to buy from me: how OfBusiness broke the profitability jinx in SME lending

Seven entrepreneurs quit their high-paying jobs to start a unique fintech platform. OfBusiness follows a marketplace model for supplying infrastructure raw materials to SMEs and lends to them for their purchases. But an unsparing credit market and low tech adoption among SMEs can be spoilers.
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artisingh
22 Aug 2019 14 Mins Read 1 comments
Asish Mohapatra, co-founder and CEO, OfBusiness; courtesy of Facebook
Asish Mohapatra, co-founder and CEO, OfBusiness; courtesy of Facebook
The first 10 minutes have gone walking up and down the duplex office at Vipul Agora Mall in Gurugram’s Sector 28, looking for an empty room where we could settle down for an interview. “Sorry, I don’t have a cabin for myself,” Asish Mohapatra, co-founder and CEO, OfBusiness, says with an uneasy smile, as he tries to get his
raised more equity,” Mohapatra says. He says many people in business are celebrated because they have scaled. But most of them haven’t built a profitable business. “In India, you can’t do loss-making IPOs," he says. "You need profit for long years and also banks' backing, without which you can’t run financial services." ( Graphics by Mohammad Arshad)
The first 10 minutes have gone walking up and down the duplex office at Vipul Agora Mall in Gurugram’s Sector 28, looking for an empty room where we could settle down for an interview. “Sorry, I don’t have a cabin for myself,” Asish Mohapatra, co-founder and CEO, OfBusiness, says with an uneasy smile, as he tries to get his raised more equity,” Mohapatra says. He says many people in business are celebrated because they have scaled. But most of them haven’t built a profitable business. “In India, you can’t do loss-making IPOs," he says. "You need profit for long years and also banks' backing, without which you can’t run financial services." ( Graphics by Mohammad Arshad)

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