Collaborative commerce platform Oyela has raised Rs 14.4 crore in a seed funding round led by Prime Venture Partners.
Oyela had earlier secured Rs 4.1 crore in a pre-seed funding round from a consortium of investors which included Good Capital, Upsparks Capital and Eximius Ventures.
The company plans to deploy the funds towards bolstering its e-commerce tech, build conversational commerce engines to empower selling on different channels and streamline the supply chain, Oyela stated in a press release.
Co-founded in 2021 by Rahul Gope and Anjan Kumar Patel, Oyela empowers emerging social businesses, product creators and artists to sell their audience and grow their business. Through Oyela, businesses can easily set up and manage their digital storefronts. The platform allows sellers to grow their business by providing them with tools to collaborate with each other for better reach, streamline their operations and Instagram automation to garner more sales by harnessing their social reach.
According to Oyela, it aims to transform social media like Instagram into a hyper sales channel and power 2 million social stores, thus making up for 1.6% of the e-commerce market and 9.5% of the social commerce market in India. The company claims that more than 20,000 Instagram stores have joined its platform organically, many of whom have seen up to 2.5X growth in orders at null cost of new buyer acquisition.
Prime Venture Partners has backed companies like Quizizz, MyGate, PlanetSpark, KredX, WheelsEye and others.