The funding for the Bengaluru-based firm was led by Netherlands-based affect investor C4D Companions, an early investor because the final 4 years, who’ve doubled their dedication.
“With this funding, we intention to broaden the community, strengthen our know-how & information capabilities, roll-out 1Bridge Expertise Zones on the Taluk-level and broaden our partnerships for last-mile provide chain and distribution – whereas pursuing worthwhile development,” Founder and CEO of 1Bridge, Madan Padaki stated in an announcement.
The corporate will look to roll out over 500 ‘1Bridge Expertise Centres’ at numerous Tehsil/Block cities that may allow shoppers to the touch and really feel aspirational merchandise whereas additionally increasing its product and repair choices by means of strategic partnerships with shopper durables manufacturers and fintech/credit score corporations who need to broaden their attain in rural hinterlands.
The funding will even assist strengthen its know-how and information platform to make it extra handy for his or her ‘1Bridge Advisors’ or native micro-entrepreneurs to supply rural outreach and assisted commerce companies, the corporate stated in an announcement.
“The foundations of 1Bridge are constructed with a robust emphasis on rural shopper expertise, assisted commerce platform, terrific execution capabilities and a concentrate on being capital environment friendly. We’re
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delighted to proceed supporting the workforce as they embark on their subsequent stage of scale and affect,” Arvind Agarwal, CEO, C4D Companions stated.
1Bridge has additionally raised its maiden working capital facility from Ananya Finance for Inclusive Progress, an Ahmedabad-based Non-Banking Monetary Firm (NBFC) that reaches out to a big part of microfinance establishments (MFIs) and grassroot entities.
This cope with 1Bridge marks Ananya Finance’s try to achieve out to corporations past the microfinance sector. With this spherical of funding, 1Bridge is positioned to pursue its development plans over the following 18 months, to deepen its attain as a provide chain and distribution community throughout one other 10,000 villages by including 10,000 extra entrepreneurs.
“Having noticed 1Bridge’s trajectory over the previous few years, we’re glad to be aligned with its imaginative and prescient for Rural India over the approaching years and hope to rework it collectively,” Gaurav Gupta, MD, Ananya Finance for Inclusive Progress stated.
Launched in Might 2016, 1Bridge is a village commerce platform that gives a variety of aspirational merchandise and digital companies on the doorsteps of village shoppers. It really works with native rural entrepreneurs or ‘1Bridge Advisors’ to assist ship these merchandise and fulfil companies by means of an intuitive mobile-based tech platform.
Over the past Four years, 1Bridge has grown steadily with over 75% year-on-year (YOY) development and has grossed income of over Rs 52 crore in FY21 and seeking to cross Rs 100 crore in FY22. 1Bridge has turned EBIDTA constructive in FY21 and has been capital environment friendly (with a cumulative increase of US$ 1.5 million) because it has constructed a presence in over 70 districts of Southern India and is presently operational in states like Karnataka, Andhra Pradesh,
Telangana, Maharashtra, Tamil Nadu and Odisha.
Up to now, 1Bridge has onboarded over 10,000 entrepreneurs, fulfilled 35 million transactions for rural shoppers, and served 1.5 million village shoppers immediately, the corporate stated.
The funding spherical additionally included participation from new buyers reminiscent of KAAJ Ventures (enterprise fund of Silicon Valley-based serial entrepreneur and angel investor BV Jagadeesh), angel buyers like Prashanth Prakash, Founding Accomplice of Accel Companions; Puneet Jetli, technopreneur and co-founder of Happiest Minds and Aradhana D Chatterjee, a seasoned PE/VC government. Current angel investor Prashanth Boccasam, a US-based serial tech-entrepreneur and investor additionally participated on this spherical with a big funding. C4D Companions and Prashanth Boccasam additionally acquired extra stake by means of a secondary transaction, offering an exit to a couple early shareholders.
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