Onecode, a Bengaluru-based business-to-consumer (B2C) fintech startup, has raised $13 million (Rs 100 crore) in its Series A funding round led by venture capital firm General Catalyst. 

The funding round also saw participation from returning investors Sequoia Capital India’s Surge, Nexus Venture Partners, and Waterbridge Ventures. Angel investors, including Vidit Aatrey and Sanjeev Barnwal (Co-founders of Meesho), Madhusudhan of M2P, and Vikas Choudhary (President at Reliance Jio), also participated in the round.

As per the startup, the raised funds will be used to hire talent across functions and accelerate product and technology development. Additionally, Onecode will also expand its presence to an additional 100 cities and will invest in growing its agent network.

OneCode | Expanding The Reach Of Financial Products In Bharat

Founded by Manish Shara and Yash Desai (former DineOut executives), OneCode connects new-age digital-first brands with relevant sellers (aka OneCoders) to sell their financial products and services to trust deficit, less tech-savvy users. The startup leverages its network of agents to recommend financial products to its users in Tier-II, III and IV cities. 

Speaking about the development, Manish Shara, CEO and Co-founder of OneCode, said,

“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.”

The Bengaluru-based startup works on a commission-based distribution model and recommends products across more than 10 categories, including loans, credit cards, pocket insurance, bank accounts, and others. 

Since its inception, the startup claims to have generated over Rs 100 crore in earnings for its agents and has over one million registered users on the platform. Currently, OneCode is in partnership with the likes of SBI, Bank of Baroda, IDFC First, as well as new-age startups like Groww, Navi, Jupiter, and others. 

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