OfBusiness cofounder Nitin Jain quits to start new venture

Nitin Jain, co-founder and chief business officer of B2B e-commerce startup OfBusiness and its lending arm Oxyzo, has resigned and plans to start a new venture.

Announcing his departure in a LinkedIn post, Jain said, “It’s an emotional moment to announce this: after a decade built on nothing but grit, relentless ambition, and sheer will, I am moving on from OfBusiness, Oxyzo”.

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On his next move, IIT Delhi alumnus Nitin Jain shared on LinkedIn that he plans to start a new venture in the manufacturing sector.

Interestingly, Jain had planned to leave the company last year and even stepped down as CBO, but rejoined while still negotiating with investors to raise funds for his new venture.

Jain, along with Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, and Bhuvan Gupta, founded OfBusiness in 2015. The Gurugram-headquartered company supplies a wide range of products, including steel, non-ferrous metals, chemicals, agricultural products, polymers, energy commodities, textiles, construction materials, and leather.

OfBusiness last raised $325 million in December 2021, in a funding round led by Alpha Wave Global, Tiger Global, and SoftBank Vision Fund, valuing the company at $5 billion.

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