Info-tech

Onsitego raises $10 million from IFC, extends its Series B round to $29 million

Sangeetha Chengappa Bengaluru | Updated on September 22, 2020 Published on September 22, 2020

Kunal Mahipal, Founder and CEO, Onsitego

The funding will be used for consolidating its market position in the after-sales services industry

Onsitego, an after-sales services start-up, has raised $10 million from IFC in an extension to its Series B investment, closing the round with a total of $29 million.

The first tranche of the round of $19 million was closed in February led by Zodius with participation from existing backer Accel Partners. The funding will be utilised for consolidating its market position in the after-sales services industry and strengthening its B2C offerings like AMC, home protection and on-demand services. Avendus Capital was the exclusive financial advisor to Onsitego on this transaction.

“We are extremely excited to bring IFC on our cap table. IFC brings in a strong global footprint and expertise of investments in Fintech which is valuable as we scale our business by expanding into new business lines like AMCs, home warranty, doorstep repair services, new distribution channels in India and in other emerging markets in Asia and Africa where we plan to offer an AMC service for water purifiers and global technical support services for digital products and consumer electronics,” Onsitego founder and CEO Kunal Mahipal told BusinessLine.

The high friction and fragmented after-sales services industry in India is plagued with quality issues such as lack of transparent, authentic and time-bound service delivery. Onsitego 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 leverages technology, data and a partner network of 400+ brand authorised service centres to deliver services to customers.

“India is one of the largest and fastest growing appliances and consumer electronics markets globally and the ACE protection market is significantly underdeveloped. There is a clear market need for innovative and customer service-focussed players like Onsitego to drive growth in this market,” said Jun Zhang, Country Head India at IFC.

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Published on September 22, 2020
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