Story of a visionary startup founder rooted in Odisha who redefined the B2B landscape in India
OdishaPlus Business
In this remarkable edition of the OdishaLIVE Startup Story, we explore the high-velocity journey of Asish Mohapatra, the Co-founder and CEO of OfBusiness, who redefined the B2B landscape in India. Through a profound conversation with Subroto Bagchi, this narrative captures how a boy from the streets of Cuttack—driven by a mix of “hunger, hustle, and humility”—built one of India’s most unique and profitable unicorns.
The Starting: Dreaming Beyond the Boundaries
Asish Mohapatra’s story is rooted in Cuttack, Odisha, a city he describes as deeply bound and united, yet sometimes limited by its own dreams. Growing up in what he calls a “lower-middle-class” mindset—even if the family was comfortably off—he learned early that if you aren’t at “ground zero,” you will never grow.
His academic path led him through IIT Kharagpur and later an MBA, but his real education came from a relentless curiosity about how the world works. He transitioned from being a consultant at McKinsey to an investor at Matrix Partners, all while harboring a singular dream: to add “two zeros” to everything he did.
A Power Couple in Business
A defining pillar of the OfBusiness story is Asish’s partnership with his co-founder and wife, Ruchi Kalra. While Asish describes himself as the “flashy” visionary, he calls Ruchi the “exact antithesis” who brings critical sanity and financial discipline to the enterprise.
As the CFO of the company, Ruchi manages the numbers with a firm hand, leading to a unique dynamic where the CEO frequently “defers to the CFO” during disagreements. This internal balance between aggressive growth and fiscal responsibility is a core reason why OfBusiness stands out as a rare, profitable unicorn.
The Challenges and Pain Points: 73 Rejections and the “Dirty Shoes” Philosophy
The journey was far from smooth. When Asish and his team first sought venture capital for OfBusiness in 2016, they faced a staggering 73 rejections. Investors were skeptical of their focus on profitability over pure scale and their unconventional model of combining commerce with finance.
The team responded by embracing what Asish calls a “savings mindset.” They traveled in buses and trains, wore “dirty shoes” to stay grounded with their customers (Small and Medium Enterprises), and refused to sacrifice margins for vanity metrics. They operated in the “fat middle” of the Indian economy—the non-corporate sector that contributes 75% of the GDP but is often starved of capital and raw materials.
Turning Points and Milestones: The “Three Bs” Model
The true turning point was the creation of a business model that combined a raw material supplier with a financial institution under one roof. They built their success on the “Three Bs”:
- Buy from me: Providing raw materials like steel, cement, and chemicals cheaper than traders.
- Borrow from me: Offering working capital that is more accessible than traditional banks.
- Belong to me: Creating a “sticky” ecosystem where SMEs find new revenue opportunities.
A major milestone was their resilience during the COVID-19 pandemic. While others were cutting costs, OfBusiness refused to cut its “strategic cost”—its people—giving salary hikes in July 2020 and winning the undying loyalty of their team.
Key Learnings for Entrepreneurs
Asish summarizes his philosophy into a powerful formula for success: (Hunger + Hustle) × Humility ^ Honesty.
- Hunger: The kind that puts you off sleep because you want to achieve something massive.
- Hustle: The hard work that puts you to sleep on any surface because you’ve given your all.
- Humility: The factor that keeps you open to learning from everyone, regardless of their status.
- Honesty: The “index power”—if you aren’t honest with yourself about your failures, you cannot grow.
About the Entrepreneur and OfBusiness Asish Mohapatra, the Co-founder and CEO of OfBusiness: Asish Mohapatra is a visionary from Odisha who has redefined the B2B landscape in India. Along with his co-founders, including Ruchi Kalra, he has built a platform that serves as a lifeblood for India’s SMEs, providing them with the raw materials and financial oxygen needed to thrive.
OdishaLIVE is a premier digital media platform that captures the spirit of innovation through its ‘Startup Story’ series. By documenting the journeys of leaders like Asish Mohapatra, OdishaLIVE serves as a catalyst for the next generation of founders to dream without boundaries.
About Subroto Bagchi A veteran entrepreneur and acclaimed author: Subroto Bagchi is the Co-founder of Mindtree and a prominent public leader known for his deep commitment to fostering an entrepreneurial spirit. He hosted the OdishaLIVE ‘Startup Story’ series, a platform where he meticulously spotted and showcased the finest startups and visionary founders rooted in Odisha. Through these deep-dive conversations, Bagchi bridged the gap between global business standards and grassroots innovation, mentoring a new generation of entrepreneurs by highlighting the grit and values of those building world-class enterprises.
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(This is the First Article of our special Startup Story Series.)
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