OneCode, a platform that provides on-ground resellers to financial firms, has raised $13 million (or Rs 100 crore) as a part of its latest round of funding led by General Catalyst, the company said in a prepared statement.
Existing investors including Sequoia Capital India’s Surge, Nexus Venture Partners, and Waterbridge Ventures also participated in the round. Other participating investors included angel investors such as Vidit Aatrey and Sanjeev Barnwal, cofounders, Meesho; Madhusudanan R, founder of M2P, Vikas Choudhary president, Reliance Jio, DSP Family Office, and Reddy Futures Fund, reported ET.
According to the company, it will use the capital to invest in hiring across functions and accelerate its product and technology development. With the investment, the company will be expanding its presence to 100 additional cities and will increase the size of its agent network.
Founded in 2019 by former DineOut executives, Manish Shara and Yash Desai, OneCode uses its network of agents to recommend financial products to its users in Tier-II, III and IV cities. The startup works on a commission-based distribution model, recommending products across more than 10 categories including credit cards, loans, pocket insurance, bank accounts, and others.
Since inception, OneCode claims to have supported over 25 lakh customers and catered to their financial service needs, through its offline distribution channels, the company said. 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.
At present, OneCode’s clientele includes large banking institutions including IDFC First, SBI, Bank of Baroda as well as new-age fintechs such as Navi, Groww, Jupiter, and more.
“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,” Anand Chandrasekaran, partner of General Catalyst, said.
“We believe that India is a unique market where you can create a lot of value by empowering distribution partners. Manish and Yash have been executing very well and creating value for both agents and financial services institutions and we are very excited to double down on the opportunity,” Pratik Poddar of Nexus Venture Partners, said.