In an exciting development for the burgeoning world of social commerce, Oyela, the collaborative commerce platform, has successfully raised Rs 14.4 crore in a seed funding round, with Prime Venture Partners at the helm of this strategic investment. This new infusion of capital will propel Oyela’s mission to revolutionize how businesses leverage social media for sales and growth.
Oyela had previously secured Rs 4.1 crore in a pre-seed funding round from a consortium of forward-thinking investors, including Good Capital, Upsparks Capital, and Eximius Ventures. With these combined resources, Oyela plans to make substantial strides in reshaping the e-commerce landscape.
Founded in 2021 by the visionary duo of Rahul Gope and Anjan Kumar Patel, Oyela has emerged as a trailblazing platform that empowers emerging social businesses, product creators, and artists to connect with their audience and expand their enterprises. The platform simplifies setting up and managing digital storefronts, offering sellers a rich toolkit to enhance collaboration, streamline operations, and leverage Instagram automation to boost sales through their social reach.
Oyela’s grand vision extends beyond mere facilitation; it aims to metamorphose social media platforms like Instagram into hyper-efficient sales channels. The company has set a bold target of powering 2 million social stores, constituting a significant 1.6% of the e-commerce market and a 9.5% share of the social commerce market in India.
These ambitions are underpinned by concrete results, with Oyela proudly sharing that over 20,000 Instagram stores have organically joined its platform. Moreover, many of these businesses have experienced remarkable growth, witnessing up to 2.5X increases in orders, all achieved with minimal costs for acquiring new buyers.
This substantial seed funding round, led by Prime Venture Partners, signifies a resounding vote of confidence in Oyela’s potential to reshape the digital commerce landscape. Prime Venture Partners boasts an impressive portfolio of investments in innovative companies such as Quizizz, MyGate, PlanetSpark, KredX, WheelsEye, and others. Their involvement in Oyela’s journey underscores the platform’s potential to disrupt traditional e-commerce and create a more collaborative and lucrative ecosystem for businesses and creators.
As Oyela forges ahead with its mission to empower social businesses and transform Instagram into a dynamic sales channel, the seed funding from Prime Venture Partners is a crucial milestone. It provides the necessary financial resources and aligns the platform with a partner who understands the potential of this vision. With this strong foundation, Oyela is well-positioned to shape the future of social commerce in India and beyond, promising exciting times for sellers and consumers in the digital marketplace.
