Rural startup 1Bridge has bought all the technological assets of Esamudaay. Apart from which the company has raised an equity funding of Rs 4 crore in a bridge round from its existing investor C4D partners, Sudhanva Dhananjaya Family Office and other investors.
The funding is likely to stretch till Rs 40 crores as part of larger Series A funing round, the company said. The said deal would lead to Co-founder and CTO of Esamudaay Ravinder Singh Mahori, join 1Bridge on the position of CTO, according to the media reports.
The reports further stated that the deal would lead up empowering around 5 lakh entrepreneurs to have the opportunity of linking directly with 50 million rural consumers and enable access, choice, and convenience of digital commerce to their doorstep.
Esamudaay is a network of software layers functioning as per ONDC standards. It has been beneficial to ONDC by launching thousands of traders in markets such as Udupi, Meerut and Mysore. The partnership was believed to have allowed seamless entry of products into markets in the segments of automobiles, consumer durables, health, FMCG, health and wellness among others etc.
Madan Padaki founded 1Bridge in 2016. It empowers local entrepreneurs to incentivise holistic growth on digital platforms. The company claims to have its customer base in 18,000 villages of 75 districts across six states (Karnataka, Andhra Pradesh, Maharashtra, Telangana, Tamil Nadu, Odisha) through over 21,000 networks of its experts.
The startup also mentions to have delivered 70 million transactions since it became operational and incorporated e-commerce apps in convenient process of ordering, payments and delivery.