Collaborative Commerce Platform Oyela Raises Rs 14.4 Crore Led by Prime Venture Partners
- ByStartupStory | October 10, 2023
Delhi-based collaborative commerce platform Oyela has secured Rs 14.4 crore in fresh funding, with early-stage venture capital fund Prime Venture Partners as the lead investor.
The funds will be allocated to the development of ecommerce technology and the creation of chatbots designed for sales on various platforms, including Pinterest, YouTube, and Threads. Oyela also plans to streamline its supply chain to support individuals in establishing and expanding their own Instagram stores.
Founded in 2021 by Rahul Gope and Anjan Kumar Patel, Oyela aids sellers in expanding their businesses by providing tools for collaboration, enhancing social media presence, streamlining operations, and implementing Instagram automation to boost sales.
“We are thrilled to welcome Prime Venture Partners as our newest partner in this exciting journey. The new funds will allow us to further enhance our platform and help us achieve our dream of empowering 2 million social stores in the next five years,” said Rahul Gope, co-founder and CEO of Oyela.
Oyela’s offerings revolve around two key value propositions for sellers. First, it helps sellers receive more orders and leverage their social media reach. Second, it fosters collaboration among relevant sellers to maximize their collective social media presence. According to Gope, approximately 60-70% of Oyela’s users are women entrepreneurs.
The ecommerce technology under development will encompass order management, automated order collection incorporating artificial intelligence (AI), and native payment gateway integration.
Last year, Oyela raised Rs 4.1 crore in funding from investors, including Good Capital, Upsparks Capital, and Eximius Ventures.
Amit Somani, Managing Partner at Prime Venture Partners, noted, “The Gen Z population are ecommerce natives and are also open to experimenting with fashion. Currently, there are more than 200 million businesses/sellers on Instagram globally. The next 10 years of ecommerce growth will have a meaningful contribution from these Gen Z sellers.”
In addition to addressing the challenges faced by Instagram sellers, Oyela aims to provide new opportunities for exploration.
Exciting news! We’re now on WhatsApp Channels too. Subscribe today by clicking the link and stay updated with the latest insights in the startup ecosystem! Click here!
Prime Venture Partners has previously invested in companies such as Quizizz, MyGate, PlanetSpark, Dozee, NiYO, Sunstone Eduversity, and most recently, Bangalore-based GenAI startup Zuapp in July 2023.
Follow Startup Story
Related Posts
