1Bridge Acquires eSamudaay’s Technology Assets and Secures Rs 4 Crore Equity Funding
- ByStartupStory | September 12, 2023
Village commerce startup 1Bridge has completed the acquisition of all technology assets from eSamudaay, a network of software nodes operating on the ONDC protocol. Additionally, 1Bridge has announced an equity funding of Rs 4 crore in a bridge round from its existing institutional investor, C4D Partners, Sudhanva Dhananjaya Family Office, and other angel investors.
According to 1Bridge, this funding is part of a larger Series A capital round expected to reach Rs 40 crore. The funds will be utilized to empower 500,000 local entrepreneurs and sellers, enabling them to connect with 50 million rural consumers across India, providing access, choice, and convenience of digital commerce directly to their doorsteps.
Ravinder Singh Mahori, co-founder & CTO of eSamudaay, will join 1Bridge as the company’s Chief Technology Officer as part of this deal.
eSamudaay has been a partner of ONDC and has onboarded numerous sellers onto the ONDC network in various markets, including Udupi, Meerut, and Mysore. This acquisition of eSamudaay’s technology assets will facilitate more accessible and efficient market access for brands, particularly in sectors such as consumer durables, home appliances, automobiles, agriculture implements, health and wellness, FMCG, and more.
Founded in 2016 by Madan Padaki, 1Bridge empowers local entrepreneurs to drive inclusive growth on digital platforms. It operates in over 18,000 villages across 75 districts in six states (Karnataka, Andhra Pradesh, Maharashtra, Telangana, Tamil Nadu, and Odisha) through a network of over 21,000 advisors. The company has facilitated over 70 million transactions since its inception and offers a comprehensive commerce app that integrates order placement, digital payments, and last-mile delivery.
1Bridge’s vision is to promote the digital economy across 500 districts and 300,000 villages, impacting 50 million consumers over the next five years.
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