Vistas TechnoLabs Pvt Ltd, which operates digital product distribution and referral platform OneCode, has raised seed funding in a round led by early-stage venture capital firm WaterBridge Ventures.
Angel investors such as former Times Internet chief strategy officer Miten Sampat and Haptik founder Aakrit Vaish also took part in the round, OneCode said in a statement.
Other participants were One Impression founder Apaksh Gupta, Appyhigh founder Venus Dhuria as well as Rocky Mohan and Siddharth Mohan.
OneCode – set up by Manish Shara and Yash Desai – says it connects digital-first brands with its network of sellers to market their products and services in Tier-II to Tier-IV cities and towns. It has tied up with brands such as PharmEasy, 1mg, Kaya Youth, Dr Vaidya’s and The Man Company.
Prior to this seed round, the startup had raised funding from the founders of the Times Internet Ltd-owned Dineout. Times Internet is owned by Bennett, Coleman and Co. Ltd, one of the country’s largest media and investment firms.
OneCode will use the capital raised in this seed financing round to expand its customer base, as well as enhance its technological infrastructure and hire talent. “OneCode will appeal to brands trying other modes of selling such as one-to-one assisted sales, replicating the offline buying experience for customers,” Shara said.
WaterBridge Ventures partner Ashish Jain said the firm was confident of its investment in OneCode because of the startup’s ability to connect with consumers who were not used to making digital transactions. The VC firm’s portfolio also includes startups such as DoubtNut, MagicPin, Atlan and Unacademy.
OneCode says it has a network of over two lakh sellers and that it is in talks to partner with brands in sectors including health, apparel and grooming.
