IPPMI: OfBusiness unveils tech-driven platform to empower India's packaging SMEs

Nitin Jain, co-founder and chief business officer of OfBusiness, unveiled ambitious plans to revolutionise India's packaging industry through technology-driven procurement solutions. 

"India's packaging industry represents a USD 100-billion opportunity, but SMEs face tremendous challenges in raw material procurement and working capital," Jain told delegates from 117 packaging companies. "Our platform aggregates demand to negotiate better prices while providing crucial credit solutions."

The numbers reveal stark challenges. Packaging manufacturers typically spend 50% to 60% of their budgets on materials, with costs rising 15% to 20% annually. OfBusiness's solution promises 10% to 15% savings through bulk purchasing power - potentially saving a mid-sized firm USD 6,00,000 to USD 9,00,000 yearly on a USD 6-million material budget.

Jain, an IIT Delhi alumnus and former RBS executive, emphasised the platform's tech backbone. "We process over 1-million transactions monthly using AI-driven demand forecasting," he explained. This enables 95% supply reliability - critical for packaging firms where single-day delays can cost USD 60,000 to USD 1,20,000 in lost production.

The company's credit solutions address another major constraint. "70% of packaging SMEs cite cash flow as their biggest challenge," Jain noted. OfBusiness offers credit lines up to USD 6-million with 5-7% interest rates, significantly below traditional financing options. This working capital support enables firms to invest in automation and capacity expansion.

With 20+ warehouses across India, OfBusiness reduces delivery times by 25% compared to competitors. The company's network of 5,000+ suppliers ensures packaging manufacturers receive materials within two to three days, minimising production disruptions.

Looking ahead, Jain revealed OfBusiness's plans for a USD 6- to 9-billion IPO in 2026. "This will further strengthen our ability to support India's packaging SMEs as they compete globally," he said, noting that 20% of their packaging clients already serve international markets.

The platform's impact extends beyond cost savings. By streamlining procurement, companies report 15% reductions in inventory carrying costs and 20% improvements in operational efficiency. For a USD 12-million packaging firm, these efficiencies could translate to USD 1.8-million in annual savings.

As India's packaging market grows at 12% annually toward its USD 100-billion potential, Jain's vision positions OfBusiness as a critical enabler for SMEs looking to scale. "The future belongs to companies that leverage technology to optimise their operations," he concluded. "We're here to make that future accessible to every packaging manufacturer in India."