Prime Venture Partners led Rs 14.4 Cr Seed funding secured by collaborative commerce platform Oyela

Oyela, a platform for collaborative commerce, has raised Rs 14.4 crore in a seed funding round that was spearheaded by Prime Venture Partners.

Pre-seed funding for Oyela had previously been secured for Rs 4.1 crore from a group of investors that included Good Capital, Upsparks Capital, and Eximius Ventures.

According to a press release from Oyela, the company intends to use the funds to improve its e-commerce technology, create conversational commerce engines to enable selling on various channels, and streamline the supply chain.

Rahul Gope and Anjan Kumar Patel co-founded Oyela in 2021, a platform that enables new social enterprises, product developers, and creatives to market to audiences and expand their businesses. Businesses can easily set up and manage their online storefronts using Oyela. By giving sellers the tools to collaborate with one another for greater reach, streamline their business processes, and automate Instagram posts to increase sales by leveraging their social reach, the platform enables sellers to expand their businesses.

To power 2 million social stores and turn platforms like Instagram into a hyper-sales channel, Oyela claims that this initiative aims to account for 1.6% of India’s e-commerce market and 9.5% of its social commerce market.

According to the company, more than 20,000 Instagram stores have joined its platform organically, and many of them have experienced order growth of up to 2.5X at no additional cost to attract new customers.

Quizizz, MyGate, PlanetSpark, KredX, WheelsEye, and other businesses were supported by Prime Venture Partners.