[Funding alert] Mumbai-based startup Onsitego raises $10M from IFC
Onsitego will be using the funds to consolidate its market position and strengthening its B2C offerings like AMC, home protection, and on-demand services.
After-sales services startup Onsitego announced on Tuesday, September 22, that it has raised an additional $10 million in its Series B round from IFC. Avendus Capital was the financial advisor to Onsitego for this transaction. The first part of the round was led by Zodius, with participation from existing investor Accel Partners, in February this year. Onsitego raised a total of $30 million in the Series B round.
According to a statement issued by the startup, Onsitego will be using the freshly raised funds to consolidate its market position and strengthen its B2C offerings like AMC, home protection. and on-demand services.
Jun Zhang, Country Head India at IFC, said in a statement:
“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.”
Based out of Mumbai, Onsitego was founded in 2010 by IIM-Bangalore alumnus Kunal Mahipal. The startup initially focused on pick-and-drop service for repairing mobile devices and laptops. Over the last decade, the startup has converted itself into a customer service startup for personal devices, gadgets, and home appliances.
Founder and CEO Kunal Mahipal said, “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."
Onsitego now provides extended warranty, annual maintenance contracts, and damage protection plans for devices and appliances. Onsitego works in collaboration with online and offline electronics and appliance retailers including Croma, Vijay Sales, and Amazon India. Onsitego has also partnered with Toshiba and Hamilton Beach to service their third-party brand warranty programmes. The startup has also launched service contract plans like AMC and Assured Buyback, along with on-demand repair services in select cities.
Edited by Kanishk Singh