1Bridge also announced an equity funding of Rs 4 crore from C4D Partners, Sudhanva Dhananjaya Family Office and other angel investors in a bridge round, as a run-up to its larger Series A capital raise of Rs 40 crore, the company said in a statement.
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The Netherlands-based impact fund C4D Partners made the announcement of continued support to 1Bridge in the presence of the Netherlands’ Prime Minister Mark Rutte in Bangalore on Monday.
The company also announced that eSamudaay cofounder and CTO Ravinder Singh Mahori has transitioned to 1Bridge as CTO.
1Bridge founder & chief executive Madan Padaki said, “With the experience of executing over 70 million commerce and last-mile delivery transactions in rural markets, we are now leveraging this expertise by acquiring the technology assets of eSamudaay to take digital commerce deeper into the districts.”
eSamudaay is one of the earliest partners of ONDC and has been instrumental in onboarding thousands of sellers on the ONDC network in markets like Udupi, Meerut and Mysore.
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This investment will help 1Bridge empower 500,000 local entrepreneurs and sellers to engage with 50 million rural consumers across the country to take digital commerce to their doorstep.