International Finance Corporation announced that it has plans to invest $10 million in Onsitego, India’s customer service company for personal devices, gadgets, small and large home appliances, according to a VCCircle report.
In a disclosure, IFC said the investment will be made through by subscribing to preferred shares in Mumbai-based Onsitego, which announced its Series B funding round in February.
Onsitego will utilise the funding in expanding its product distribution and service delivery channels, develop and scale its preventative maintenance service, and build its own technological and service infrastructure.
“IFC will be providing non-financial additionality in the form of knowledge, innovation and capacity building, by actively supporting the company’s management on strategic decisions as the company continues to grow and expand,” it added.
Earlier in February, Onsitego had raised $19 million in Series B funding round, which was led by the Avendus-sponsored Zodius Growth Fund. The US-based global venture capital firm Accel, which is an existing investor in the company, also took part in the funding round.
Founded in 2010 by Kunal Mahipal, Onsitego claims that over six million people have availed its services and that it covers gadgets and appliances by over 300 brands available in the country.
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