Oyela: Transforming Social Media into Sales Channels for Small Businesses

Oyela, founded in 2021 by Rahul Gope and Anjan Kumar Patel, is making a significant impact on the challenges faced by small businesses operating on social media platforms

Recognizing the operational difficulties and lack of integrated commercial tools on platforms like Instagram, Oyela aims to empower entrepreneurs and transform social media into powerful sales channels. Here’s an overview of Oyela’s journey, offerings, and impact:

Founding Story:

• Rahul Gope’s personal experience running an online pearl boutique in the Andaman Islands fueled the inspiration behind Oyela.
• Faced with challenges of visibility and operational barriers, Gope realized the shared difficulties of many entrepreneurs in the growing trend of creative entrepreneurship in India.

Oyela’s Mission:

• Oyela was founded to provide small businesses with tools and opportunities to overcome challenges in visibility and operational efficiency when selling products through social media.
• The platform focuses on short-term support for sellers while building and strengthening their supply chains for sustainable growth.

Platform Offerings:

1. Streamlined Operations: Oyela’s platform automates various aspects of business operations, from order processing to customer interactions, allowing entrepreneurs to focus on product curation and presentation.
2. Collaboration Tech Tool: Enables stores to partner and gain visibility through mutual endorsements, fostering reach and customer base expansion.
3. Social Media Automation: Integrates with Instagram for efficient product promotion and customer engagement through automation of posts, direct messages, stories, and comments.
4. AI System for Trust: Oyela’s AI system ensures transaction authenticity and reliability, minimizing returns and refunds by analyzing data from thousands of transactions.

Funding and Investors:

• In October 2023, Oyela secured Rs 14.4 crore in funding from Prime Venture Partners.
• The capital will be used to develop ecommerce technology, build chatbots, and streamline the supply chain to help businesses set up and expand Instagram stores.

Growth and Future Plans:

• Oyela claims to have over 20,000 Instagram-based stores on its platform, experiencing organic growth without direct marketing efforts.
• The platform aims to empower two million social stores over the next five years, targeting a portion of India’s ecommerce and social commerce markets.
• Projected goals for FY24 include achieving a Gross Merchandise Value (GMV) of $3 million and revenue of $300,000.

Market Dynamics and Competition:

• Oyela competes with various players in the social and content commerce market, including ETSY, Swiggy Minis, Dukaan, Meesho, and Amazon.
• The social and content commerce market in India is expected to reach $70 billion by 2030, driven by the increasing trend of small and medium businesses using social media for sales.

Oyela’s innovative approach and focus on empowering small businesses align with the evolving landscape of social and content commerce in India. The platform’s commitment to addressing the unique challenges faced by entrepreneurs positions it as a transformative force in the market.