The story of Ashish Mohapatra is as much about tenacity and vision as it is about overturning conventional wisdom.
Born in Odisha, Ashish made his mark early on by securing admission to IIT Kharagpur without the benefit of formal coaching. For many, his achievements at the premier institute would have been the peak. But for Ashish, it was just the beginning of a journey that would redefine success.
After graduation, Ashish Mohapatra started his career with McKinsey & Co., a coveted post by any measure. Later, he transitioned to the world of venture capital, gaining invaluable experience at Norwest Venture Partners. By all appearances, he had carved out a secure and promising future. But in 2015, Ashish made a daring move that left many scratching their heads: he walked away from his prestigious VC role.
A Vision in an Unlikely Sector
At the time, India’s startup ecosystem was dominated by consumer-focused giants like Flipkart and Amazon, which were capturing both headlines and investor attention. Ashish Mohapatra, however, set his sights on a less glamorous but deeply impactful segment: small and medium enterprises (SMEs). He saw an opportunity to bring structure and efficiency to a market that had long operated in silos and struggled with access to quality credit.
This led him to co-found OfBusiness in 2015. The company’s initial offering was straightforward—supply raw materials such as metals and cement to manufacturing and infrastructure firms. Early success was encouraging, with monthly revenues hitting Rs. 20 crore and even turning a modest profit of Rs. 30 lakh. But Ashish soon realized that the lifeblood of the SME sector wasn’t just materials—it was credit.
Facing the Unthinkable: 73 Investor Rejections
If venturing into SME procurement seemed risky, entering the lending business was downright audacious. Ashish Mohapatra quickly found that securing funding for OfBusiness’s credit model would be an uphill battle. Venture capitalists were skeptical. After all, Ashish didn’t have a background in credit or lending, and the idea of blending financing with procurement raised more questions than answers. One by one, 73 VCs turned him down.
Yet, this barrage of rejections didn’t deter Ashish. Instead, it fueled a period of intense learning. For months, he pored over balance sheets, studied risk profiles, and spent countless hours in the offices of SMEs to understand their financial needs and challenges. This hands-on approach was no mere academic exercise—it gave Ashish Mohapatra the credibility and insights he needed to prove his critics wrong.
The Turning Point
In December 2016, Ashish finally secured Rs. 70 crore in funding, led by Zodius Capital. It was the break he’d been waiting for, and he didn’t waste it. With this capital infusion, OfBusiness ramped up its lending operations, offering low-interest, collateral-free loans. The impact was immediate. The time it took to approve credit dropped from months to just days, dramatically easing the cash flow constraints that had long plagued SMEs.
By 2018, the numbers spoke for themselves. OfBusiness had disbursed Rs. 100 crore in loans and achieved a revenue of Rs. 500 crore. The model that investors once dismissed was now thriving, and Ashish Mohapatra’s persistence was paying off.
Expanding the Vision
Recognizing that financial access was only part of the solution, Ashish began to introduce digital tools to streamline procurement and tendering processes. Platforms like BidAssist and ProcureAssist became invaluable resources for SMEs, helping them navigate complex government contracts and vendor relationships. OfBusiness had evolved from a supplier and lender into a full-fledged ecosystem for small and medium enterprises.
This transformation caught the attention of top-tier investors. Between 2019 and 2021, the company raised an additional Rs. 500 crore from renowned firms such as Norwest, AlphaWave, and Innoven Capital. With these resources, OfBusiness expanded its reach, onboarding 7 lakh SMEs by 2021 and adding new product categories, including agricultural supplies and specialty chemicals.
The Unicorn Moment and Beyond
In August 2021, OfBusiness achieved what many startups dream of: unicorn status. A Rs. 1,300 crore funding round led by Tiger Global valued the company at over Rs. 10,000 crore. For Ashish Mohapatra, it was more than just a financial milestone—it was vindication after years of struggle, rejection, and tireless effort.
Today, OfBusiness is a powerhouse with a revenue of over Rs. 7,000 crore and a valuation of Rs. 40,000 crore. It serves a wide range of industries, from manufacturing to agriculture, and has fundamentally changed how SMEs in India access materials, credit, and technology.
Lessons in Resilience and Vision
Ashish Mohapatra’s journey from 73 rejections to building a Rs. 40,000 crore company is a testament to the power of resilience, clarity of vision, and the willingness to learn from adversity. By focusing on a segment that others overlooked, he turned perceived weaknesses into strengths. His story is not just about financial success—it’s about proving that determination, coupled with deep customer understanding and a willingness to adapt, can overcome even the most daunting challenges.
In the world of startups, where failure is often seen as a stepping stone, Ashish Mohapatra’s journey stands out. He didn’t just persevere through rejection; he used it as a catalyst to refine his model, deepen his knowledge, and ultimately succeed on a scale that few could have imagined. It’s a story of grit, innovation, and the unshakable belief that the 74th attempt can be the one that changes everything.
