Accel-backed after-sales services platform Onsitego raises $19 mn Series B round
OnSite Electro Services, which owns and operates after-sales services platform for electronic devices Onsitego, has raised $19 million in a Series B led by Zodius Growth Fund.
Onsitego’s sole existing investor Palo Alto, California headquartered venture capital firm Accel participated in the round. In 2015, the Mumbai-based company raised $2 million in a Series A round from Accel, according to data available with VCCEdge.
The investment will be used to consolidate the company’s market position in the device protection market, and expand into annual maintenance contracts, home protection and on-demand services, a statement said.
Founded in 2010 by Kunal Mahipal, 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.
Onsitego claims to offer services for more than 300 brands and has more than 6 million customers through partnerships with leading sellers such as Amazon, Vijay Sales, Croma, Toshiba, Quikr, ICICI Bank, HDFC Bank.
According to Onsitego, the after-sales sector is fragmented and has problems of accessibility, quality and transparency. It offers to plug these gaps with its standardized offerings, backed by a technology platform.
“We have been growing consistently at a high rate and will continue to maintain growth momentum with the launch of new products, partnerships and business lines,” Mahipal said.
Mumbai-based Servify competes in the same space as Onsitego. In January last year, Servify acquired rival iService in a cash and stock deal. At the time, Servify had 100,000 customers with regional offices in Dubai, Canada, US and Europe.
The recently launched Zodius Growth Fund is managed by Zodius Capital, which was acquired by KKR-backed Avendus Capital in 2017. Co-founders Shilpa Kulkarni and Neeraj Bhargava run Zodius along with Avendus Capital head Ranu Vohra.
Zodius Capital has previously invested in startups such as etailers BigBasket and FreshMenu, online lingerie platform Zivame, engineering services startup Allygrow, omnichannel furniture firm Pepperfry, fintech startup OfBusiness through its Zodius Technology Fund.