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Collaborative commerce platform Oyela has raised Rs 14.4 crore in a seed funding round led by Prime Venture Partners.
The funding comes after a previous pre-seed funding round where the startup raised Rs 4.1 crore from a group of investors, including Good Capital, Upsparks Capital, and Eximius Ventures.
What is the purpose of fundraising?
With this round of funding, The startup will focus on strengthening its e-commerce tech, building conversational commerce engines to empower selling on different channels and streamlining the supply chain.
Empowering social businesses and sellers
Oyela, founded in 2021 by Rahul Gope and Anjan Kumar Patel, provides a platform for emerging social businesses, product creators, and artists to sell to their audiences and expand their businesses.
The startup enables businesses to establish and manage their digital storefronts with ease, offering sellers tools to collaborate for enhanced reach, streamline operations, and automate Instagram to boost sales by leveraging their social reach.
The startup aims to transform social media platforms like Instagram into robust sales channels. It also aims to support 2 million social stores, accounting for 1.6% of the e-commerce market and 9.5% of the social commerce market in India.