OfBusiness Apparel Revenue Triples to Rs 3,002 Crore

OfBusiness has scaled its apparel business rapidly, with revenue reaching Rs 3,002 crore in FY26, up from Rs 843 crore in FY24. The more than three-fold increase has made apparel the fastest-growing vertical within the B2B commerce and financing company’s commerce business.

The expansion comes as SoftBank-backed OfBusiness prepares for a planned initial public offering. While the group’s overall FY26 revenue declined, its apparel operations, profitability and cash generation point to a broader shift toward higher-value businesses and deeper manufacturing integration.

How Fast Has OfBusiness’ Apparel Revenue Grown?

OfBusiness’ apparel revenue increased from Rs 843 crore in FY24 to Rs 3,002 crore in FY26, according to the company. That means the business became more than 3.5 times as large in revenue terms over the two-year period.

The apparel vertical has also become much more important to OfBusiness’ commerce operations.

Metric	FY24	FY26
Apparel revenue	Rs 843 crore	Rs 3,002 crore
Share of commerce business	4.6%	15.7%
FY26 commerce revenue	Not applicable	Rs 19,174 crore

Apparel’s contribution to the commerce business rose from 4.6% in FY24 to 15.7% in FY26. The vertical now sits alongside metals, chemicals and food processing as one of OfBusiness’ four core business areas.

What Is Driving OfBusiness’ Apparel Growth?

The apparel expansion is not simply a result of higher trading volumes. OfBusiness has been building a combination of sourcing, manufacturing and international customer relationships.

Its strategy has included expanding manufacturing capacity, increasing its presence in South India and building relationships with major global apparel retailers.

Expansion Across South India

OfBusiness has expanded its apparel footprint across Tamil Nadu, Karnataka and Andhra Pradesh, giving the company access to some of India’s established textile and garment manufacturing clusters.

The company has also expanded apparel manufacturing across the Delhi NCR region and Bangladesh. Its broader international expansion includes sourcing and manufacturing capabilities designed to serve overseas customers.

This manufacturing-led approach matters because it allows OfBusiness to move beyond being primarily a sourcing intermediary. Greater control over production can potentially improve execution, customer relationships and margins.

Indian Design Acquisition Adds Manufacturing Capacity

A key part of the strategy is Bengaluru-based Indian Design, which OfBusiness acquired in 2025. The business provides an anchor for OfBusiness’ owned manufacturing capacity within apparel.

The combination of sourcing and manufacturing gives the company greater involvement across the apparel supply chain rather than limiting its role to connecting buyers and suppliers.

Which Global Apparel Brands Does OfBusiness Supply?

OfBusiness says it supplies seven of the world’s top 10 apparel retailers, with customers including:

• Uniqlo
• Adidas
• Skechers
• Michael Kors
• Doen

The company has also expanded apparel exports to more than 70 countries, according to co-founder Vasant Sridhar.

Its international push extends beyond manufacturing. OfBusiness has established sourcing offices in the US and London to work more closely with customers and their design cycles, while also increasing sourcing and production capabilities in Bangladesh.

This international customer base could be particularly significant for OfBusiness because it diversifies the apparel vertical beyond India’s domestic market.

Why Is Apparel Becoming Important for OfBusiness?

The numbers show a substantial change in OfBusiness’ business mix.

In FY24, apparel accounted for just 4.6% of the company’s commerce business. By FY26, that figure had reached 15.7%.

That makes apparel increasingly relevant for three reasons.

1. It Is OfBusiness’ Fastest-Growing Core Vertical

OfBusiness operates across several large B2B categories, including metals, chemicals, food processing and apparel.

The company says apparel has grown faster than its other three core verticals over the past two years.

2. Manufacturing Can Deepen Its Role in the Supply Chain

OfBusiness’ model increasingly combines commerce with owned manufacturing.

Instead of only facilitating sourcing, the company can participate more directly in production. That can help it build deeper relationships with large customers and potentially capture more value from each transaction.

3. Apparel Supports OfBusiness’ Export Strategy

Exports are becoming another growth area for the company.

OfBusiness’ overall exports more than doubled to over Rs 2,500 crore in FY26, with apparel forming part of its international expansion alongside food processing and chemicals.

The company has been expanding its presence across international markets while building sourcing capabilities closer to overseas customers.

How Did OfBusiness Perform Overall in FY26?

The rapid apparel growth came during a year when OfBusiness’ consolidated revenue actually declined.

The company reported FY26 consolidated revenue of Rs 20,645 crore, down 7% year on year. However, profit after tax increased 21% to Rs 724 crore, compared with Rs 597 crore in FY25.

The decline in revenue was linked to OfBusiness exiting lower-return businesses as it focused on profitability, cash generation and capital efficiency ahead of its planned IPO.

Its core commerce business generated:

• Revenue: Rs 19,174 crore
• EBITDA: Rs 769 crore
• Operating cash flow: Rs 1,302 crore
• Free cash flow to firm: Rs 390 crore

Commerce EBITDA rose 39% from Rs 575 crore in FY25, while the EBITDA margin improved to 4% from 2.6%.

The combination is notable. OfBusiness generated lower consolidated revenue while improving profit and simultaneously scaling apparel.

OfBusiness’ Lending Business Is Also Expanding

Commerce is only one part of the OfBusiness model. The group also operates lending business Oxyzo Financial Services.

Oxyzo ended FY26 with assets under management of Rs 11,800 crore, representing 28% growth from the previous year. Gross non-performing assets stood at 0.75%, while return on assets was 3.8%.

OfBusiness’ consolidated net worth stood at approximately Rs 10,300 crore at the end of FY26, while liquidity exceeded Rs 2,000 crore.

These metrics are particularly relevant as the group moves toward a public-market listing.

What Does the Apparel Expansion Mean for OfBusiness’ IPO?

OfBusiness is preparing for an IPO, making the changing quality and composition of its revenue important for potential investors.

The apparel business gives the company a rapidly growing vertical at a time when management has been moving away from lower-return commerce activities. At the group level, FY26 showed stronger profitability and cash generation despite the decline in headline revenue.

The apparel story also demonstrates how OfBusiness is attempting to evolve from a B2B sourcing platform into a more integrated commerce, manufacturing and financing company.

Investors evaluating a future OfBusiness IPO are therefore likely to watch whether apparel can maintain its growth while generating sustainable margins and cash flows.

Apparel Expansion Pushes Employee Base Higher

The manufacturing build-out has also changed the scale of OfBusiness’ workforce.

The company’s employee base crossed 30,000 in FY26, with apparel manufacturing expansion contributing significantly to the increase.

Manufacturing businesses tend to require a larger operational workforce than asset-light digital marketplaces, so employee growth reflects the company’s deeper involvement in physical production.

Can OfBusiness Sustain Its Apparel Growth?

Reaching Rs 3,002 crore in revenue establishes apparel as a meaningful business for OfBusiness, but sustaining the same growth rate becomes harder as the revenue base increases.

Future performance will depend on factors such as:

• Demand from international retailers
• Capacity utilisation at manufacturing facilities
• Export growth
• Customer concentration
• Raw material and labour costs
• Execution of its South India and Bangladesh expansion
• Profitability of apparel manufacturing
• Global trade and tariff conditions

The next phase will therefore be less about proving that OfBusiness can scale apparel and more about demonstrating that the vertical can deliver profitable, cash-generating growth at a larger size.

What Is the Bigger Picture for OfBusiness?

OfBusiness’ FY26 numbers tell two stories at once.

At the consolidated level, revenue declined 7% as the company moved away from lower-return activities. At the same time, profit rose 21%, commerce cash generation improved, lending AUM expanded and apparel became a Rs 3,002 crore business.

That suggests management is prioritising the quality of growth rather than simply maximising gross revenue.

Apparel could become an important test of that strategy. If OfBusiness can combine manufacturing scale, global customers and stronger economics, the vertical could play a larger role in the company’s growth after its planned IPO.

FAQs

Key Takeaways

• OfBusiness’ apparel revenue increased from Rs 843 crore in FY24 to Rs 3,002 crore in FY26.
• Apparel’s share of the commerce business rose from 4.6% to 15.7% over the same period.
• The company supplies major international retailers and exports apparel to more than 70 countries.
• Expansion across South India and deeper manufacturing integration have supported the vertical’s growth.
• OfBusiness reported FY26 consolidated revenue of Rs 20,645 crore and PAT of Rs 724 crore.
• The apparel expansion strengthens OfBusiness’ higher-value manufacturing story as the company prepares for its planned IPO.