After-Sales Services Firm Onsitego Extends Its Series B Round To $30 Mn After Investment From IFC
The company said the fund will be utilized for consolidating its market position in the after-sales services industry, and strengthening its B2C offerings
After-sales services firm Onsitego on Tuesday announced it has raised capital as an extension of Series B round to $30 million. The startup has raised the latest fund from IFC. The first tranche of Series B round was conducted in February this year and was led by Zodius along with the participation of existing investor Accel Partners.
The company said the fund will be utilized for consolidating its market position in the after-sales services industry, and strengthening its B2C offerings like AMC, home protection and on-demand services.
Founded in 2010, Onsitego is currently serving more than six million customers in the country. The company works with some of the biggest retailers in India such as Vijay Sales, Croma, Amazon India. The company also works with consumer finance players such as HDB Financial Services.
Commenting on the latest development, Kunal Mahipal, founder and chief executive officer, Onsitego, said, “We are extremely excited to bring IFC on our cap table, which is well aligned with our DNA of providing best-in-class service to our customers. 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.
On the investment, Jun Zhang, country head India at IFC said, “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.” He further added, “We look forward to supporting Onsitego in its growth journey by sharing our experience from emerging markets in disruptive technology and Fintech.”
For this deal, Avendus Capital was the financial advisor to Onsitego.
Varun Gupta, director, digital and technology, investment banking at Avendus Capital, said, “Built on the back of phenomenal execution in a highly capital efficient manner, Onsitego is disrupting the post-purchase experience of customers, brands, retailers and consumer finance companies alike. IFC’s investment in the Company will further support product and distribution expansion. We are proud to partner with Kunal in this journey”