Existing investors including Sequoia Capital India’s Surge, Nexus Venture Partners, and Waterbridge Ventures also participated in the round. Other participating investors included angel investors such as Vidit Aatrey and Sanjeev Barnwal, cofounders, Meesho; Madhusudanan R, founder of M2P, Vikas Choudhary president, Reliance Jio, DSP Family Office, and Reddy Futures Fund.
According to the company, it will use the capital to invest in hiring across functions and accelerate its product and technology development. With the investment, the company will be expanding its presence to 100 additional cities and will increase the size of its agent network.
Founded in 2019 by Manish Shara and Yash Desai, OneCode is a platform that connects new-age digital-first brands with relevant sellers to sell their products and services to trust deficit, less tech savvy users.
“Trust deficit is the biggest problem in fintech adoption in India. People are less trusting of traditional acquisition channels like websites and apps. This is exactly what we are solving for. Our distribution network of trusted agents offers the much-needed assurance to customers as people rely heavily on their networks for recommendations, especially when it comes to critical financial services,” said Onecode chief executive and cofounder, Manish Shara.
Since inception, OneCode claims to have supported over 25 lakh customers and catered to their financial service needs, through its offline distribution channels, the company said.
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At present, OneCode’s clientele includes large banking institutions including IDFC First, SBI, Bank of Baroda as well as new-age fintechs such as Navi, Groww, Jupiter, and more.
The platform also has a network of over 1 million resellers, who have the option to work with over 50 partner brands OneCode works with.
In a
recent interaction with ET, earlier this week, former Softbank investor and managing director of General Catalyst, Deep Nishar said that the Silicon Valley-based fund is evaluating startups across segments such as consumer, fintech, web3 and crypto, agri-tech in India. The firm may also hire a local team to boost its investment play in the country.
