Oxyzo Collects Neo Group and Other Debt for INR 533 Cr

The money will be used for the fintech unicorn's daily operations, which will include lending to small and medium-sized businesses. Oxyzo offers loans to modern tech startups in a variety of industries, including logistics, agritech, mobility, and climate tech, as well as to SMEs for the purchase of raw materials. According to earlier reports, Oxyzo was considering an IPO, just like its parent company, OfBusiness. But there haven't been any new developments on the NBFC's public issue.As the startup's problems worsen, Oxyzo and HSBC are thinking of taking legal action against the financially stressed Good Glamm Group (GGG) to recoup unpaid debts, insiders informed The IndianStartupNews (ISN).

Companies who provided loans to GGG, Oxyzo and HSBC, are now thinking about suing the business. One of the sources mentioned above told ISN, "Oxyzo is dragging GGG to the National Company Law Tribunal (NCLT) to recover pending dues worth Rs 2.5 crore." The first significant business to bring Accel-backed GGG before the NCLT is Oxyzo. Another major lender, HSBC, is probably going to take Oxyzo's lead and collect its outstanding debts.Funding for Velocity fails Problems are getting worse for GGG at a time when it is struggling financially and its most recent funding source, which was its only hope, is about to fail. In order to revitalize its company and maintain the viability of brands like Sirona and others, GGG was in negotiations to obtain Rs 150–200 crore from Veloce, a Gujarat-based debt provider and investment broker. A second source told ISN that "Rs 150 crore would have solved 90% of GGG's current issues as all creditors would have been repaid their pending dues." But because Veloce has withdrawn, it is extremely doubtful that the business will now receive any compensation.