Ruchi Kalra: The Woman Who Faced 73 Rejections and Built Two Unicorns
Ruchi Kalra's story is one of perseverance, intelligence, and visionary leadership. From facing continued reaction to co-founding two unicorns in India, Ruchi has left an indelible mark on the business world. Her rise to prominence offers a blueprint for aspiring entrepreneurs and professionals, showcasing the power of blending professional expertise with passion and innovation.
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Early years and Career
Ruchi Kalra was born and raised in Delhi, She grew up as a single child in a middle-class Punjabi family. Ruchi's education played a crucial role in her success. Her academic journey began with a Bachelor’s degree in Chemical Engineering from Indian Institute of Technology (IIT) in Delhi. Although she wasn’t deeply familiar with chemical engineering then, she chose IIT Delhi to stay close to home. After her undergraduate years, Ruchi worked at Evalueserve in Gurgaon for a couple of years and gained early professional experience. However, her thirst for learning led her to pursue an MBA from the Indian School of Business (ISB), Hyderabad.
ISB also played a pivotal role in Ruchi’s career, as she was placed with McKinsey & Company. Ruchi spent around nine years at McKinsey and worked her way up to become a partner, primarily focusing on financial services. Her time at McKinsey equipped her with the skills and knowledge that later helped in her entrepreneurial journey. Over her eight-year tenure, she honed her expertise in financial services while refining the core principles that guided her later entrepreneurial endeavours.
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Entrepreneurial journey of Ruchi Kalra
Ruchi’s transition from a successful consultant to an entrepreneur came when she co-founded OfBusiness. In 2015, Ruchi co-founded OfBusiness alongside his husband, a B2B marketplace aimed at revolutionising the procurement of raw materials for small and medium enterprises (SMEs). Despite initial struggles, including facing rejection from 73 investors in 2016, Ruchi and her husband’s determination paid off when one investor believed in their vision and finally They raised 200 million dollars at a valuation of 1 billion dollars.
Today, OfBusiness is a successful venture, and Ruchi operates the company out of Gurgaon. But Ruchi’s journey didn’t stop there. She went on to launch Oxyzo, the financial services arm of OfBusiness, with the aim of providing working capital solutions to SMEs. Oxyzo’s mission aligned with Ruchi’s passion for financial services and bridging the gap between commerce and credit to empower small businesses.
The entrepreneurial journey is never easy, and Ruchi faced her share of challenges. Yet, what truly sets her apart is her ability to navigate uncertainty with calm confidence. She believes that building a business for the long term means setting the right fundamentals from the start. This philosophy has allowed both OfBusiness and Oxyzo to weather periods of economic uncertainty, such as the global slowdown caused by the COVID-19 pandemic. A key element of Ruchi’s success has been her professional and personal partnership with her husband, Asish Mohapatra, who is also a co-founder of OfBusiness and Oxyzo.
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The couple met during their time at McKinsey and have since built a powerful synergy as both life partners and business partners. According to Ruchi, their ability to respect each other’s professional strengths, trust one another’s judgement, and provide support has been a "force multiplier" in their journey. They are known as "Yin" and "Yang" in their circle of friends, reflecting their complementary approaches to life and work.
Ruchi and Asish’s professional partnership is marked by mutual respect. When they are in the workplace, their personal relationship takes a backseat to their professional roles, creating a healthy and productive environment. Their trust in each other has allowed them to push boundaries and achieve the seemingly impossible, whether through business or in their personal lives.From the outset, Ruchi’s approach to business was grounded in clear principles. Profitability was non-negotiable. Both OfBusiness and Oxyzo were built with the goal of being profitable from day one.
Ruchi and her team paid close attention to operational expenses, hiring practices, and technology deployment to ensure that every decision contributed to the bottom line. Ruchi Kalra's story is a testament to what can be achieved through resilience, strategic thinking, and a deep understanding of one’s strengths. From her early days at McKinsey to co-founding two unicorns, Ruchi has exemplified the power of strong leadership and unwavering dedication. She has not only transformed industries but also inspired countless individuals who look up to her as a role model, especially female entrepreneurs.
Ruchi Kalra Net worth
According to Financial Express Ruchi Kalra's Net worth is Rs.2600 crore. Today, Ruchi is the successful co-founder of two unicorn companies, with a combined valuation of over 52,000 crore. Beyond her professional life, Ruchi balances her roles as an entrepreneur and a mother to her daughter.
Her ability to navigate both personal and professional challenges, combined with her relentless focus on building sustainable, profitable businesses, makes her an inspirational figure in the world of entrepreneurship. Today, Ruchi continues to shape the future of small and medium enterprises in India, one strategic decision at a time, while inspiring others to follow in her footsteps.
Written by Manvi