The newly garnered funds will help to develop the significant opportunity in the assistance and protection services market.
OneAssist Consumer Solutions Pvt Ltd—a company that provides assistance and protection services to customers for their wallets, cards, mobile phones, and gadgets, closed their Series C today, announcing $18 million (roughly Rs 110 crore) fund-raise led by existing investor Sequoia Capital. The round also saw participation from their other existing investors Lightspeed Venture Partners and Assurant Inc., along with a new investor Moonstone Investments.
OneAssist Consumer Solutions was incorporated in June 2011, by Gagan Maini and Subrat Pani. They provide assistance and protection services to some of the Indian consumer’s most critical assets, viz. the mobile phone, wallets, and appliances by delivering end-to-end requirements of the customer with just one call.
With the introduction of new payment cards, payment mechanisms, and opportunities covering home appliances and gadgets, the company aims to pump the funds into new product development and thus, enter newer segments in the space.
The company also aims to expand its reach through key partnerships, in order to improve distribution and increase awareness of its products. Gagan Maini, Co-Founder and Director OneAssist, said,
Our vision for OneAssist is to build and lead the assistance and protection category by providing differentiated and very relevant services for today’s customers. We will continue to invest in our current segments as well as explore more products that enable our customers to be in control of their everyday critical dependencies.
Through offerings like MobileAssist and WalletAssist, the company blocks SIMs, payment cards, etc. and secures data through an app. Besides, it also does most of the legwork to replace PAN and Driving License. The firm also provides theft and damage insurance protection, thus taking on a market that has been growing at 88.3 percent, between FY 2009-2014.