[Funding alert] OneCode raises $ 5 million led by Sequoia’s Surge and Nexus Venture Partners
Bangalore-based Unique code, a digitalization platform for the sales ecosystem, announced Thursday $ 5 million in funding led by The surge of Sequoia Capital India and Nexus Venture Partners, with the participation of WaterBridge Ventures.
OneCode funding is also backed by angel investors 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).
OneCode connects a network of sales agents to a group of potential customers who may not be so tech-savvy. The startup mission is to digitize 50 million sales agents across India, and bridge the gap between brands and potential buyers who may need face-to-face interactions and physical touchpoints before committing to a purchase.
âOneCode helps provide brands with an outsourced sales army, which enables residents of Level II and III cities to become sales agents with a stable source of income. Even in these difficult times, it is heartwarming to see how we can still provide our sales agents with a livelihood from the comfort of their own homes, âsaid Manish Shara, co-founder of OneCode.
Founders (LR): Manish Shara and Yash Desai
The platform works with a variety of financial institutions, such as banks, as well as discount brokers and credit card companies, such as ICICI Bank, Axis Bank and Red carpet. By using technology to mobilize this network of agents, these companies are able to increase their distribution in level II and III cities. In addition to providing sales agents with access to relevant products and services and the opportunity to earn money from those sales, OneCode also claims to give them visibility into their earnings on the app, where they can track how much they have won and how much is expected or owed to them.
Pratik Poddar, Director, Nexus Venture Partners, added,
âWe believe India is a single market where you can create a lot of value by empowering channel partners. Manish and Yash solve a major problem for the 50 million financial services agents and institutions, and we are very happy to support the OneCode team. ”
To ensure that sales agents have the relevant product skills and knowledge to work independently across the country, OneCode also provides agents with comprehensive on-the-job training. Through interactive videos, sales agents can better understand how to sell, who to sell to, and how to maximize their income.
OneCode was founded in March 2019 through Manish shara and Yash Desai. Manish is a computer science graduate from the University of Rajasthan who previously founded and sold two startups. Manish and Yash previously worked together at Dineout, a foodservice technology solutions company for individuals and businesses, where Manish headed the product department and Yash, an MBA from Hult International Business School in San Francisco, was entrepreneur.
OneCode is part of Surge’s fifth cohort of 23 companies that have developed new digital solutions to help businesses and individuals live, work and learn better in a rapidly changing Southeast Asian landscape.