OneCode, a platform that connects financial businesses with on-the-ground resellers, has raised $13 million (about Rs 100 crore) in a new round of funding headed by General Catalyst, according to a prepared statement released on Thursday.
Existing investors in the round included Sequoia Capital India’s Surge, Nexus Venture Partners, and Waterbridge Ventures. Angel investors included Vidit Aatrey and Sanjeev Barnwal, cofounders of Meesho; Madhusudanan R, inventor of M2P; Vikas Choudhary, president of Reliance Jio, DSP Family Office, and Reddy Futures Fund, among others.
The funds will be used to hire across functions and expedite product and technology development, according to the business. The company will expand its footprint to 100 new cities and develop its agent network as a result of the financing.
OneCode is a platform that connects new-age digital-first brands with relevant sellers to sell their products and services to trust-deficient, less tech-savvy users. It was founded in 2019 by Manish Shara and Yash Desai.
“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.
OneCode claims to have served over 25 lakh consumers and catered to their financial service needs through its offline distribution channels since its start, according to the firm.
Large banking institutions such as IDFC First, SBI, and Bank of Baroda, as well as new-age fintechs such as Navi, Groww, Jupiter, and others, are among OneCode’s current clients.
The platform also includes a network of over 1 million resellers who have the option of working with OneCode’s over 50 partner companies.