OneStack raises $2m in its latest funding round

By Leandra Monteiro

OneStack, a technology company focused on empowering cooperative banks and credit societies in India, announced that it has raised $2 million in its latest funding round.

The investment will power the company’s growth, drive team expansion, foster innovation, and establish nationwide offices, propelling it to unparalleled success.

With this new funding, OneStack plans to digitise over 1,000 cooperative banks and credit societies this year, marking a significant milestone in its mission to empower these financial institutions. The funding round attracted a diverse group of investors, including growX, Stride, 9Unicorns, Venture Catalyst, Sunil Kulkarni, and existing investors.

“We are thrilled to have the support of our investors as we embark on this exciting phase of growth,” said Amit Kapoor, Founder and CEO of OneStack. “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. With these additional resources, we are on the cusp of a revolution, empowering cooperative banks and credit societies to stand their ground in this digital epoch. Our mission extends beyond transformation and growth – we are dedicated to financial inclusion, bridging the gap for the next 40 crore Bharat customers. We are set to transform the banking landscape, revolutionizing customer service and fuelling unprecedented growth.”

OneStack is launching OneCBS (Core Banking Solution), which will further revolutionise the cooperative banking landscape. OneCBS is a cloud-based platform with integrated mobile applications and switch connectivity. This innovative solution enables banks and societies to streamline their operations, enhance customer experiences, and make data-driven decisions.

“OneStack is the vanguard in the cooperative banking sector, smashing through the digital divide and equipping banks and societies to fulfill the needs of today’s digital-native customers,” stated Manu Rikhye, Partner at growX. “Their trailblazing solutions will not only retain existing customers but also attract new ones, driving financial inclusion and growth.”

Furthermore, OneStack is introducing SoundBox, a branded merchant ecosystem solution for cooperative banks and credit societies. By offering their own SoundBox, these institutions can provide seamless digital payment services to their merchants, competing with leading fintech players in India.