OneCode raises $5mn
Hyderabad BENGALURU-BASED assisted ecommerce platform OneCode has announced raising $5 million in funding led by Sequoia Capital India's Surge accelerator and Nexus Venture Partners, with participation from WaterBridge Ventures.
The startup's mission is to digitise 50 million sales agents across India, and bridge the gap between brands and potential buyers who may need in-person interactions and physical touch points before committing to a purchase.
"Our company helps to provide brands with an outsourced sales army, which empowers people in tier-2 and tier-3 cities to become sales agents with a steady source of income. Even during these tough times, it's heartening to see how we can still provide our sales agents with livelihood from the comfort of their own homes," said, Manish Shara, Co-Founder of the startup.
The platform works with a variety of financial institutions, such as banks, as well as discount brokers and credit card companies, like ICICI Bank, Axis Bank and RedCarpet. The use of technology to mobilise this agent network, these companies are able to increase their distribution in tier-2 and 3-cities. On top of providing sales agents with access to relevant products and services, and the chance to earn money through these sales.
Pratik Poddar, Principal, Nexus Venture Partners, said: We believe that India is a unique market where you can create a lot of value by empowering distribution partners. Manish and Yash are solving a large problem for the 50 million agents and financial services institutions and
we are very excited to back the OneCode team.
Besides the major investors, the company has received funds from angel investors Aakrit Vaish (Haptik), Amrish Rau (Pine Labs), Anand Chandrasekaran, Arjun Vaidya, Ashish Dave (Mirae Asset), Cloud Capital,Gaurav Munjal (Unacademy), Harshil Mathur (Razorpay), Jitendra Gupta (Jupiter Money), Kunal Shah, Lalit Keshre (Groww), Miten Sampat, Pravin Jadhav (Raise Financial Services), Rahul Mathur (Bimape), Sandeep Srinivas (Redcarpet), Sujeeth Kumar (Udaan).
