Bangalore-based fintech platform OneCode raised USD 13 million (INR 100 crore) in its Series A funding round on March 31, 2022. OneCode is a business-to-consumer (B2C) startup that provides on-ground resellers to financial firms. Venture Capital Firm General Catalyst led the funding round.
Existing investors such as Sequoia Capital India’s Surge, Nexus Venture Partners, and Waterbridge Ventures participated in the round.
Besides, other angel investors, including Vidit Aatrey and Sanjeev Barnwal, co-founders of Meesho; Madhusudanan R, founder of M2P; Vikas Choudhary, president at Reliance Jio, DSP Family Office, and Reddy Futures Fund took part in the funding.
Purpose of Funding for OneCode
The startup will use the capital from the latest funding to invest in hiring across functions. It will also accelerate its product and technology development.
Besides, the company seeks to expand its presence to 100 additional cities and will increase the size of its agent network.
Previously in July 2021, OneCode raised USD 5 million from Surge and Nexus Venture Partners.
What the co-founder has to say
“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 Manish Shara, CEO and Co-founder of OneCode.
“OneCode’s business is like Meesho for financial products in India,” comments Yash Desai, co-founder at OneCode.
What the investor has to say
“Manish and Yash have built a robust fintech platform for India with a vision to bring best-in-breed financial services to millions of consumers who would otherwise be left out of the growth of the Internet and the opportunities that it creates,” said Anand Chandrasekaran, partner at General Catalyst.
About OneCode
Former DineOut executives Manish Shara and Yash Desai co-founded OneCode in 2019. The company relies on its network of agents to recommend financial products to its users in Tier-II, III and IV cities.
They generate revenue on a commission-based distribution model that recommends products across more than ten categories, including credit cards, loans, pocket insurance, bank accounts, etc.
At present, OneCode’s customer base includes large banking institutions, including IDFC First, SBI, Bank of Baroda, and new-age fintechs such as Navi, Groww, Jupiter, and more.
So far, the startup has over 25 lakh customers and caters to their financial service needs through its offline distribution channels. 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.
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