OfBusiness had previously introduced BidAssist, a comparable platform. The team did clarify, though, that Nexizo targets larger private-sector businesses, offering more sophisticated features tailored to their intricate needs, in contrast to BidAssist, which concentrates on government tenders.

Due to inherent market structures, BidAssist's user base is skewed toward small and medium-sized businesses, whereas Nexizo may eventually cater to larger, more established players as the solution's complexity and sophistication increase significantly.

With the use of cutting-edge AI technologies, the platform seeks to make it easier to find qualified buyers, offer competitive intelligence through market insights, find the price of raw materials, and expedite procurement procedures.

Furthermore, Nexizo intends to pursue the private sector in due course, as stated in a social media post by Pyuish Upadhyay, CBO, Digital at OfBusiness.

The platform, according to the company, is a step toward creating a unified ecosystem for vertical commerce that incorporates finance, materials, and software.

“From an insight’s platform, we have developed into a comprehensive digital store that helps high-value markets with end-to-end transactions. This fiscal year (in just 24 months), we already have 2,000 crores in our sights," the CBO continued.

The launch occurs in the second half of 2025, as OfBusiness gets ready for a possible $1 billion initial public offering. The company reported revenue of 19,296 crores in FY24, up from 15,343 crore in FY23. Profit increased by 30% to 603 crores from the previous year.

Asish Mohapatra and Ruchi Kalra founded OfBusiness in 2015, and since then, the company has raised roughly $800 million from investors. SoftBank, Tiger Global, Z47 (formerly Matrix Partners), Creation Investments, Alpha Wave Global, Norwest Venture Partners, and other investors are among those who have put money into the company.