OfBusiness apparel revenue rises to Rs 3,002 crore in FY26 ahead of IPO plans
Indian B2B commerce platform OfBusiness said revenue from its apparel business reached Rs 3,002 crore in FY26, versus Rs 843 crore in FY24, as it prepares to file for an IPO.
What happened
Indian B2B commerce platform OfBusiness reported apparel-business revenue of Rs 3,002 crore in FY26, more than triple FY24 revenue of Rs 843 crore. The apparel
Key facts
- Apparel revenue rose more than three-fold to Rs 3,002 crore (US$315.28 million) in FY26
- Apparel revenue was Rs 843 crore (US$88.50 million) in FY24
Why this matters
OfBusiness’s fast-growing apparel vertical could make the company a more consequential partner, competitor, or acquisition target across B2B fashion supply chains.
What to watch
- IPO filing timeline and whether the prospectus separately discloses apparel revenue, margins, working capital and customer concentration.
- FY26/FY27 apparel growth rate relative to the 3.6x expansion from FY24.
- Operating cash flow versus reported revenue growth, especially changes in receivables, inventory and payables.
- Evidence of repeat-order growth, large-account wins and supplier exclusivity.
- Any increase in bad debts, credit costs, returns, discounting or inventory write-downs.
- Competitive pricing moves by B2B commerce platforms and organized textile/apparel distributors.
- Whether apparel becomes a material contributor to consolidated profitability rather than only GMV or revenue scale.
- Increase emphasis on enterprise accounts, repeat procurement contracts and private-label or exclusive-sourcing arrangements in apparel.
- Tighten credit underwriting, receivables collection and supplier-finance controls to limit working-capital strain before an IPO.
- Build auditable disclosures around apparel gross margin, contribution margin, customer concentration, returns and inventory turns.
- Use the expanded apparel supplier network to cross-sell financing, logistics and procurement services.
- Potentially defer or recalibrate IPO timing if public-market investors demand clearer evidence that apparel growth is profitable and cash-generative.