[Funding alert] Fintech platform OneCode raises $13mn in Series A round

B2C fintech and financial services company Onecode has raised $13 million in its Series A funding round from venture capital firm, General Catalyst.

Many investors including Existing investors Nexus Venture Partners, Sequoia Capital India’s Surge, Waterbridge; Vidit Aatrey, Sanjeev Barnwal ( co-founders of Meesho), Madhusudhan of M2P, Vikas Choudhary ( President at Reliance Jio), DSP Family Office, and Reddy Futures Fund also participated in the round.

Last year in July, The company raised $5 million from Surge and Nexus Venture Partners.

OneCode plans to use these funds to hire talent across various functions and accelerate product and technology development. The company will also expand its presence in an additional 100 cities and invest in expanding its agent network.

Bengaluru-based OneCode was founded in 2019 by former DineOut executives, Manish Shara and Yash Desai, it is a financial services company that uses its network of agents to recommend financial products to its users in Tier-II, III, and IV cities.

“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.

The startup also operates on a commission-based delivery model, recommending products across more than 10 categories, including credit cards, loans, pocket insurance, bank accounts, 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,” said Anand Chandrasekaran, partner at General Catalyst.

Currently, the company partners with IDFC First, SBI, Bank of Baroda as well as new-age startups such as  Navi, Groww, Jupiter, and others.

OneCode claims to have generated over Rs 100 crore for its agents since inception and has over one million registered users on the platform.