Onsitego, an after-sales services startup for personal devices, gadgets, small and large home appliances, announced that it has raised $10 million in an extension to its Series B funding round from IFC. Avendus Capital acted as the financial advisor for this transaction.
Earlier in February, the startup had raised funds from Zodius, with participation from existing investor Accel Partners as part of the Series B funding. Till now, Onsitego raised a total of $30 million in the Series B funding round.
Onsitego will be using the freshly raised funds to consolidate its market position and strengthen its B2C offerings like AMC, home protection. and on-demand services, the Company said in a press statement.
Jun Zhang, Country Head India at IFC, said in a statement: “India is one of the largest and fastest-growing appliances and consumer electronics (ACE) markets globally and the ACE protection market is significantly underdeveloped. There is a clear market need for innovative and customer-service-focused players like Onsitego to drive growth in this market.”
Founded in 2010 by Kunal Mahipal, Onsitego was launched to help as a pick and drop service for repairing mobile devices and laptops. Over a period of time, the company graduated to offer protection plans for the devices, in addition to making the repair process a worry-free experience for the customers and cashless. It provides extended warranty, annual maintenance contracts, and damage protection plans for devices and appliances.
Kunal Mahipal, Founder and CEO of Onsitego, said, “IFC brings in a strong global footprint and expertise of investments in fintech which is valuable as we scale our business by expanding new business lines like AMCs, home warranty, doorstep repair services, new distribution channels, and in other emerging markets.”
Onsitego has partnered with online and offline electronics and appliance retailers including Croma, Vijay Sales, and Amazon India. Onsitego has also partnered with Toshiba and Hamilton Beach to service their third-party brand warranty programmes. The startup has also launched service contract plans like AMC and Assured Buyback, along with on-demand repair services in select cities.
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