OneAssist raises $ 7.5 million in Series B funding led by Assurant Solutions
Mumbai-based OneAssist Consumer Solutions raised USD 7.5 million in a second round of funding, led by strategic investor Assurant Solutions. Existing financial investors Sequoia Capital India and Lightspeed Venture Partners also participated in the round.
The company plans to use the funding to build awareness and expand the distribution of their products across the spectrum.
Commenting on the investment, Bejul Somaia, Managing Director Lightspeed Advisory Services India, said,
This new funding will be used by OneAssist to expand and deepen its distribution particularly in the online and digital areas as well as building category awareness for its existing and new products. It also plans to allocate significant investments to technology development.
While talking about how the strategic funding from Assurant will help OneAssist leverage the company, Co-founder Gagan Maini believes,
With this partnership with Assurant Solutions, a global player in lifestyle protection, we hope to leverage some strategic products and initiatives that Assurant has in place globally.
Providing assisting and protection programs, OneAssist helps customers during loss of their mobile phone and wallets. Through offerings like MobileAssist and WalletAssist, the companies block SIMs, payment cards etc. and secures data through an app. Besides, they also do most of the leg work to replace PAN and Driving License. The firm also provides theft and damage insurance protection.
While, Assurant Inc., a Fortune 500 company, operates in 24 locations and 13 countries with 80 million active insurance protection plans for electronics, appliance, jewellery, vehicle, mobile device, and payments as well as warranties.
Raising funds in June 2012, OneAssist was previously funded from Sequoia Capital India in June 2012 and Lightspeed Venture Partners in August 2011. Founded in 2011, the company is currently partnering with HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, and IndusInd Bank for its WalletAssist product.
According to Ken Research, the online insurance market in India has been growing exponentially at 88.3 per cent, from FY 2009- 2014. Moreover, with increased emphasis on exploring the possibilities of simple to use innovative technologies, it would be interesting to know how this unique nexus of OneAssists technology and Assurant’s products will impact the Indian markets.