OneCode raises $13M in Series A funding round

Bengaluru-based business-to-consumer (B2C) fintech and financial services company Onecode has raised $13 million (Rs 100 crore) in its Series A funding round. Some returning investors, including Sequoia Capital India’s Surge, Nexus Venture Partners, and Waterbridge Ventures, also participated in this round.

Previously, OneCode had raised $5 million in the funding round, which was led by Surge and Nexus Venture Partners in July last year.

Angel investors in the company include co-founders of Meesho, Vidit Aatrey and Sanjeev Barnwal, Madhusudhan of M2P, and Vikas Choudhary, President at Reliance Jio, DSP Family Office, and Reddy Futures Fund, who were seen participating in the round.

OneCode will emphasise utilizing the capital in the following ways:

To hire talent across functions and
Accelerate product and technology development.
Expanding its presence to an additional 100 cities and
Growing its agent network.

OneCode was founded by Manish Shara and Yash Desai in 2019. OneCode utilizes 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; the company recommends its products across more than 10 categories, including credit cards, loans, pocket insurance, bank accounts, and others.

Yash Desai, the co-founder, calls OneCode as “Meesho for financial products” in India.

Currently, OneCode is partnered with various companies like IDFC First, SBI, and Bank of Baroda, along with some new-age startups like Navi, Groww, Jupiter, and others. The company claims to be valued at over Rs 100 crore in earnings for its agents since inception and has over 1 million registered users on the platform.

EXECUTIVE OPINION:

“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, in a statement issued by the company.

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OneCode raises $13M in Series A funding round

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