On Tuesday, 22 September, Onsitego (1), a Mumbai-based after-sales service startup, secured 30 million USD from IFC as part of its Series B fundraise. For the latest fundraising, Avendus Capital was the financial advisor of the startup. In February 2020, Zodius led the first part of the Series B funding round and its existing investor, Accel Partners participation.
As per the statement of Onsitego, the company will utilize the latest infusions to solidify its position in the market. It would also increase its B2C offerings such as home protection, AMC, and other on-demand services. India is among the fast-growing and largest markets for ACE, Appliance, and Consumer Electronics. However, the protection marker for it is incredibly underdeveloped, stated Jun Zhang, IFC, Country head India. He added that there are clear space and need for players that are innovative and focused on customer service such as Onsitego. It would increase the growth in the segment.
Onsitego Emerged Itself as a Customer Service Company From Pick-and-Drop in a Decade
Kunal Mahipal, an alumnus of IIM-Bangalore, founded Onsitego in 2010. At its launch, the firm was focused on pick-and-drop service for mobile devices and laptops repairing. The startup has emerged as a customer service firm for home appliances, gadgets, and personal devices over a decade.
Kunal Mahipal, Founder and CEO of Onsitego, stated that IFC has a strong footprint across the globe and expertise in fintech investments. It would be useful for the team to scale their business. The firm plans to launch new business lines, including new distribution channels, home warranty, AMC, doorstep repair services, and other markets.
The company also provides extended warranty, damage protection plans, annual maintenance contracts for devices and appliances. It has collaborated with several online and offline appliance and electronics retailers, including Amazon India, Croma, and Vijay Sales.
Onsitego also has partnered with Toshiba and Hamilton Beach for its third-party programs for brand warranty. It also offers service contract plans, including assured buyback, AMC, and other repair services in select cities across India. The startup has also launched service contract plans like AMC and Assured Buyback, along with on-demand repair services in select cities.