OneCode raises US$5 million led by Surge, Nexus Venture, others

OneCode, a platform that digitizes the sales ecosystem across the country, today announced it has raised US$5 million in funding led by Sequoia Capital India's Surge and Nexus Venture Partners, and WaterBridge Ventures.

The fundraiser has been witnessed and backed by certain angel investors that include 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), Sweta Rau, and Vivek Ananda (Bounce).

Speaking on the development, 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."

OneCode, founded in 2019 by Manish Shara and Yash Desai, connects a network of trusted and accessible sales agents to a pool of potential customers who may not be as tech-savvy.

The startup is aiming to digitize 50 million sales agents in India to bridge the gap between brands and potential buyers who may require in-person interactions and physical touchpoints before making a purchase.

The platform collaborates with several financial institutions, including banks, discount brokers, and credit cards companies such as ICICI Bank, Axis Bank, and RedCarpet. These companies can increase their distribution in tier-2 and tier-3 cities by utilizing technology to mobilize this agent network.

“OneCode 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 OneCode.

In addition to giving sales agents access to relevant products and services and the opportunity to earn money from these sales, OneCode gives them visibility over their earnings on the app, where they can track how much they have earned and how much is pending or owed to them.

The Gurugram based startup also provides comprehensive on-the-job training to sales agents to ensure they have the necessary skills and product knowledge to work independently across the country. Sales agents can learn how to sell, sell to, and maximize their earnings by watching interactive videos.

Manish is a Rajasthan University computer science graduate who previously founded and sold two startups. Manish and Yash previously worked together at Dineout, a restaurant tech solutions company that caters to individuals and businesses, where Manish led the product department, and Yash, who has an MBA from Hult International Business School in San Francisco, was a business head.

OneCode has been a part of the fundraising in two rounds. Their most recent funding came from a Seed round on June 30, 2021, according to Crunchbase.

The platform currently has a network of nearly 200,000 sellers, is generating close to $500,000 in GMV (ARR) from 100,000 transactions, and is growing at a rate of 200 percent month on month.

Also Read:

• Sequoia’s Surge leads $4M round in PEO platform Multiplier

Follow IndianStartupNews on Facebook, Instagram, Twitter for the latest updates from the startup ecosystem.