OneCode, a digital distribution platform, announced that it has raised seed financing led by WaterBridge Ventures, a early-stage venture capital firm. Financial details of the seed funding remain undisclosed.
Angel investors such as Miten Sampat, Former Times Internet chief strategy officer, Haptik founder Aakrit Vaish, One Impression founder Apaksh Gupta, Appyhigh founder Venus Dhuria, as well as Rocky Mohan and Siddharth Mohan of Old Monk and Gourmet Passport fame, also participated in the funding round.
Earlier, the startup had raised angel funding from the founders of Dineout, which is owned by Times Internet, as per ETtech report.
The company plans to use the funds to widen its customer base, strengthen technology, and to expand its team.
Founded by Manish Shara and Yash Desai, OneCode connects new-age digital-first brands with its network of sellers to sell products and services to users who are not so tech-savvy in tier-2, tier-3, and tier-4 towns.
The sellers act as a bridge between brands and consumers who seek in-person interaction, training, and physical touchpoints to purchase online goods or services, and earn referral revenue on each transaction.
“Accessing those segments of the market which have remained inaccessible through the existing digital channels is crucial for brands in general and D2C brands in particular. OneCode is laying down a network of sellers at Ground Zero which will take the brands directly to the doorstep of customers who have never transacted digitally,” said Ashish Jain, Partner, WaterBridge Ventures.
The company says it currently has a network of about 200,000 sellers and tie-ups with online brands like PharmEasy, 1mg, Dr Vaidya’s, Kaya Youth, and The Man Company. It is also in talks to onboard brands across categories like health, apparel and grooming.
“OneCode will appeal to brands trying other modes of selling such as 1-1 assisted sales, replicating the offline buying experience for customers,” said OneCode co-founder Manish Shara.
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