From Rejections to Riches: Ruchi Kalra's Incredible Rs 2600 Crore Journey



by NOUMAN RASOOL

From Rejections to Riches: Ruchi Kalra's Incredible Rs 2600 Crore Journey

Ruchi Kalra, an esteemed Indian businesswoman hailing from Gurgaon, has established herself as a force to be reckoned with in the startup world. Alongside her husband, Ashish Mohapatra, Ruchi has defied all odds, co-founding two unicorn startups—OfBusiness and Oxyzo—that boast an impressive combined valuation of Rs 52,000 crore.

Achieving such monumental success in India's vibrant startup landscape necessitates unwavering dedication, tireless effort, and a steadfast determination to overcome numerous hurdles. Ruchi's business strategy, although simple, has proven to be remarkably effective, as she steadfastly believes in extracting profit from every transaction.

Ruchi's journey began with a B-Tech degree from IIT Delhi, followed by an MBA from the prestigious Indian School of Business. She honed her skills at McKinsey, where she thrived for over eight years, acquiring invaluable expertise along the way.

OfBusiness: A Meteoric Revenue Surge

In 2015, Ruchi Kalra, together with Ashish Mohapatra, Bhuvan Gupta, Nitin Jain, and Vasant Sridhar, launched OfBusiness—an innovative Business-to-Business (B2B) platform specializing in the sale of raw materials and industrial supplies.

Forbes reports that OfBusiness experienced a meteoric rise in revenue, soaring from Rs 1,349 crore in FY21 to an impressive $5 billion in FY22, with an operating revenue of Rs 6,363.83 crore. The company's growth trajectory was nothing short of extraordinary, with its revenue skyrocketing from Rs 19.76 crore in FY21 to an astounding Rs 125.63 crore in FY22.

Ruchi Kalra currently serves as the CEO of Oxyzo Financial Services, a company she co-founded in 2016. Oxyzo provides essential funding to OfBusiness and, in March, successfully raised Rs 1,527.19 crore at a valuation of $1 billion.

According to Forbes, the company has maintained profitability for five consecutive years, catering to 3000 SMEs across India. Oxyzo closed FY22 with a remarkable operating revenue of Rs 311 crore. Functioning as a lending arm to small businesses, Oxyzo offers financial support to buyers on their platforms.

In a candid interview with Forbes, Ruchi and Ashish shed light on how they strike a balance between their professional and personal lives. Ruchi emphasized her focus on health, while Ashish's priorities lean toward growth, yet both remain profit-oriented—a testament to their shared vision and unwavering commitment.

Undoubtedly, Ruchi Kalra is a shining example of triumph in the face of adversity. Despite facing rejection from 73 investors at the inception of their journey, she has emerged as one of the most accomplished startup founders in the industry, amassing an astounding net worth of Rs 2600 crore.

Her relentless pursuit of success and unwavering resilience serve as an inspiration to aspiring entrepreneurs worldwide.