New Delhi: Onestack, a Gurugram-based supplier of digital solutions, has raised $2 million in qquity capital from a number of venture funds, including Venture Catalyst, early-stage investors GrowX, venture-debt fund stride Ventures, accelerator VC 9Unicorns, and early-stage investors stride Ventures.
Onestack, a company founded in 2019, offers cooperative banks and credit societies digital products like internet banking, mobile banking, payment choices, investment banking, as well as insurance solutions. Over 1000 banks and societies will be digitalizes by the company this year; 200 banks and societies are already using its technology platform.
The fintech plans to use the money to grow its staff, encourage innovation within the business, and open new offices nationwide. “We are thrilled to have the support of our investors as we embark on this exciting phase of growth. This infusion of funds does more than merely enable us to augment our product suite and broaden our footprint across India; it propels our growth journey at an accelerated pace,” said Amit Kapoor, Founder and CEO, OneStack.
Regarding future ambitions, Onestack will give cooperative banks access to a new cloud-based platform called OneCBS that integrates mobile applications to improve customer experience and data-based decision-making. Another product, called SoundBox, is also under development. It is a merchant solution that enables cooperatives to provide digital payment services to their merchants.
“OneStack is the vanguard in the cooperative banking sector, smashing through the digital divide and equipping banks and societies to fulfil the needs of today’s digital-native customers,” stated Manu Rikhye, Partner at GrowX.