Zodius Growth Fund, an Avendus Capital sponsored fund, announced that it has made its first investment in Onsitego, India’s leading after-sales services firm. The company has raised $19 million in Series B round led by Zodius Growth Fund with participation from existing investor, Accel Partners. The investment will be utilized for consolidating its market position in the device protection market, and expanding into AMC, home protection and on-demand service.
Avendus is one of the largest alternative investment management platforms in India, and currently manages nine funds based on different strategies – private equity, long only and long-short, with a total AUM of $1.4 billion.
Onsitego is transforming the ownership experience of consumer devices and appliances by delivering consistent and predictable post-purchase services, through a network of brand authorized service centers throughout the country.
The current after-sales ecosystem is fragmented and has high friction owing to multiple touchpoints, with problems of accessibility, quality and transparency. Onsitego solves for these inherent gaps in the market with its standardized offerings, backed by a technology platform that drives a differentiated customer experience. The company provides extended warranty, annual maintenance contracts and damage protection plans for devices and appliances in partnership with India’s top retailers, marketplaces and consumer finance companies. It has served more than 6 million customers in India.
On the transaction, Kunal Mahipal, Founder and CEO of Onsitego said, “We have been growing consistently at a high rate and will continue to maintain the momentum with the launch of new products, partnerships and business lines. Customer satisfaction is at the core of our offering, and it is our mission is to provide best-in-class services. The Zodius investment is a validation of our vision and approach and we look forward to work with them to further build our business. A large part of the new investment will go towards scaling our capabilities in home appliances, expanding distribution in general trade and developing capabilities for AMCs and on-demand services to cover all customer segments.”
Shilpa Kulkarni, Managing Director, Zodius Growth Fund commented on the transaction, “Kunal and his team have built a strong business that leverages technology to bring together a largely fragmented ecosystem, thereby delivering a superior consumer experience. We are excited to be a part of Onsitego’s journey to bring new products and innovation to a nascent market while delivering customer delight.”
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