OneCode, a platform to digitise the sales ecosystem, on Thursday announced $5 million in funding led by Sequoia Capital India’s Surge and Nexus Venture Partners, with participation from WaterBridge Ventures.
OneCode, which was founded by Manish Shara and Yash Desai, connects a network of sales agents with a pool of potential customers who aren’t as tech-savvy. The goal of the startup is to digitise 50 million sales agents in India, bridging the gap between brands and potential buyers who may require in-person interactions and physical touch points before making a purchase, said the company.
ICICI Bank, Axis Bank, and RedCarpet are among the financial organisations that use the platform. The company said that these companies are able to expand their distribution in tier-2 and tier-3 cities by leveraging technology to mobilise their agent network.
OneCode gives sales agents visibility over their earnings on the app, where they can track how much they’ve earned and how much is pending or owed to them, in addition to providing them with relevant products and services and the opportunity to earn money through these sales.
“OneCode helps to provide brands with an outsourced sales army, which empowers people in tier-2 and tier-3 cities to become sales agents with a steady source of income. Even during these tough times, it’s heartening to see how we can still provide our sales agents with livelihood from the comfort of their own homes,” said Manish Shara, Co-Founder of OneCode.
Manish Shara and Yash Desai started OneCode in Bangalore in March 2019. Manish holds a bachelor’s degree in computer science from Rajasthan University and has previously created and sold two businesses. Manish and Yash previously worked together at Dineout, a restaurant digital solutions firm that caters to both individuals and businesses, where Manish oversaw the product department and Yash, who holds an MBA from Hult International Business School in San Francisco, was the business head.
“We believe that India is a unique market where you can create a lot of value by empowering distribution partners. Manish and Yash are solving a large problem for the 50 million agents and financial services institutions and we are very excited to back the OneCode team,” said Pratik Poddar, Principal, Nexus Venture Partners.