Founded in 2021 by two IIT Bombay alumni – Rahul Gope and Anjan Kumar Patel, Oyela is a collaborative commerce platform aims to empower emerging social savvy businesses, product creators and artists to sell to their audience and grow their business, according to the press release.
Furthermore, the founders claim to have secured Rs 14.40 crore in the Seed funding round led by Prime Venture Partners.
Oyela, claims that it can help in set-up and manage digital storefronts of businesses. It claims to provide them with tools to collaborate with each other for better reach, streamline their operations and Instagram Automation to secure more sales by harnessing their social reach.
Social commerce is rapidly growing in India. According to a report by Bain and Company, the social commerce sector in India is set to become a USD 20 billion market by 2025. It’s expected to be driven by an increasing number of small and medium businesses turning to social media channels for sales.
“The inspiration behind Oyela is deeply personal. Hailing from the Andaman Islands, I once ran an online pearl boutique. Ultimately, my venture died down due to lack of discovery and operational barriers. Seeing the explosion of creative entrepreneurship in India, I recognised that these challenges could resonate with aspiring entrepreneurs. Oyela was born from this vision, aiming to provide others with the tools and opportunities I wish I had during my entrepreneurial journey,” Rahul Gope, co-founder, CEO, Oyela, said.
“The GenZ population are e-commerce natives and are also open to experimenting with fashion. Currently, there are more than 200M businesses/sellers on Instagram globally. The next 10 years of e-commerce growth will have a meaningful contribution from these Gen Z sellers. Oyela provides solutions to streamline and automate their social-media led commerce business. We are impressed by the team at Oyela and we believe they are on the brink of transforming the social commerce landscape in India,” Amit Somani, Managing Partner, Prime Venture Partners, said.