Oxyzo Financial Services, the lending arm of B2B commerce platform OfBusiness, released FY26 results that reveal a tension most fintech lenders struggle to resolve: rapid growth without rising defaults. The company pushed its loan book past ₹10,500 Crore—a 28% year-on-year expansion—while holding Gross NPA at just 0.74% and Net NPA at 0.30%.
In SME lending, speed of growth typically correlates with credit risk. Aggressive scaling usually means weaker underwriting, rising defaults, and rising provisioning costs. Oxyzo's metrics suggest a different playbook. Operating revenue jumped 23% to ₹1,488.8 Crore; net profit rose 11% to ₹375.5 Crore. These gains came without sacrificing asset quality.
The difference lies in data. OfBusiness, a B2B supply chain platform, holds real-time visibility into its borrowers' transaction histories, cash flows, and buyer networks. When Oxyzo lends to merchants on that ecosystem, it is not lending blind. Each loan decision rests on documented commercial behavior, not bureaus or collateral proxies alone.
This ecosystem model challenges the traditional NBFC playbook. Fintech lenders without supply chain integration must rely on harder collateral, thicker documentation, or accept higher default rates. Oxyzo demonstrates that embedded lending—built into a commerce network—can compress both fraud risk and operational overhead at scale.
