Oyela Secures Rs 14.4 Cr Funding from Prime Venture Partners
Founded in 2021 by Rahul Gope and Anjan Kumar Patel, Oyela helps entrepreneurs to grow their business by offering tools to collaborate with each other for better traction on social media, streamline activities, and use 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 increase our platform and help us achieve our dream of empowering 2 million social stores in the next five years”, stated Rahul Gope, CO-Founder and CEO, Oyela.
“The first value proposition that we offer to the entrepreneurs is getting more orders and utilizing their own social media reach. Second is making them collaborate with associated sellers to utilize their social media reach as well”. Almost 60-70% of the entrepreneurs that use Oyela are women entrepreneurs, Gope stated the ecommerce technology will include order management and automated order collection, involving the use of artificial intelligence (AI) and native payment gateway integration.
The company raised Rs 4.1 crore in funding from several investors, including Good Capital, Upsparks Capital and Eximius Ventures. Commenting on the investment, Amit Somani, managing partner of Prime Venture Partners, said, “The GenZ 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”.
Oyela not only offers solutions to solve problems of Instagram sellers in addition to opens new avenues for sellers to explore, he added. Prime Venture Partners is invested in companies such as Quizizz, MyGate, PlanetSpark, Dozee, NiYO, and Sunstone Eduversity, among others. It last invested in a Bangalore-based GenAI startup Zuapp.