In the world of startups, success stories often begin with a single idea. But what if that idea was rejected 73 times? For Ruchi Kalra and her husband Ashish Mahapatra, their journey to building companies worth Rs 52,000 crore was anything but straightforward.
The couple’s journey is a gripping tale of perseverance, determination, and an unyielding belief in their vision. Ruchi Kalra, an IIT Delhi alumni with an MBA from the Indian School of Business, had a comfortable career at McKinsey, where she worked for eight years. But in 2015, she decided to venture into the unknown, teaming up with her husband Ashish Mahapatra to launch a B2B platform called OffBusiness. This platform, which deals in raw materials and industrial goods, was initially met with scepticism. Investors dismissed their idea as impractical, leading to a staggering 73 rejections.
Despite the overwhelming negativity, the couple’s resilience paid off. OffBusiness didn’t just survive; it thrived, growing into a unicorn with a valuation of Rs 44,000 crore. Ruchi and Ashish's determination to succeed led them to start another venture, Oxyzo Financial Services, in 2017. This financial branch of OffBusiness specialises in providing loans to buyers on their platform. In a short span, Oxyzo attracted a $200 million investment, catapulting its valuation to Rs 8,200 crore.
The couple’s success is a testament to their vision and the power of persistence. OffBusiness, now a giant in the B2B sector, reported revenues of Rs 197.53 crore in 2021, which soared to Rs 312.97 crore the following year. The company’s profits after tax were Rs 125.63 crore in the 2021-22 fiscal year, solidifying its status as a major player in the industry.
Ruchi and Ashish’s story is not just about financial success; it’s about defying the odds. When asked about their initial struggles, Ruchi revealed that while 73 investors rejected their idea, they needed only one to believe in them. That belief has now resulted in a combined enterprise value of Rs 52,000 crore, making them the first couple in India to have two unicorn companies.
Their journey from rejection to riches serves as an inspiration to entrepreneurs everywhere, proving that with enough determination, even the most dismissed ideas can turn into billion-dollar successes.
