Total amount raised
$28.5 Million
Latest funding date
09/01/2020
Location
Onsitego has successfully raised funding through three rounds, with notable investors including International Finance Corporation and Accel. The latest funding round was a Series B.
Keep reading to explore the intricacies of Onsitego's fundraising journey and the investors backing this innovative platform.
What Is Onsitego?
Onsitego, based in Mumbai, Maharashtra, India, is a leading provider of device-care services, including Extended Warranty, Damage Protection, AMC Plans, and On-Demand Repair Services. The company operates in the consumer electronics and professional services industries.
With an employee count ranging between 1001-5000, Onsitego has established itself as a significant player in the market. The company has successfully raised funding through Series B rounds, demonstrating strong investor confidence in its business model and growth potential.
How Much Funding Has Onsitego Raised?
- Series A
- Amount Raised: Not publicly disclosed
- Date: January 2015
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish a strong foundation and scale initial operations.
- Series B
- Amount Raised: $19 million
- Date: February 2020
- Lead Investors: Zodius Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To consolidate market position and strengthen consumer offerings.
- Series B Extension
- Amount Raised: $10 million
- Date: September 2020
- Lead Investors: International Finance Corporation
- Valuation at Round: $104 million
- Motivation Behind the Round: To leverage IFC's global expertise and expand new business lines.
Total Amount Raised: $29 million. Current Valuation: $104 million.
Key Investors
- International Finance Corporation (IFC)
- Details: IFC is a member of the World Bank Group and focuses on private sector development in developing countries. It aims to reduce poverty and support development by investing in projects that have a strong social impact.
- Investment Focus Areas: Fintech, private sector development in emerging markets, companies with strong growth potential and social impact.
- Notable Investments: Various fintech companies, infrastructure projects, and agribusinesses in developing countries.
- Zodius Capital
- Details: Zodius Capital is a private equity firm that invests in high-growth, technology-driven companies. It focuses on building market-leading businesses in the digital and technology sectors.
- Investment Focus Areas: Digital and technology sectors, high-growth technology-driven companies.
- Notable Investments: BigBasket, Pepperfry, Zivame.
- Accel Partners
- Details: Accel Partners is a global venture capital firm that invests in early-stage and growth-stage companies. It has a strong track record of backing successful technology startups.
- Investment Focus Areas: Technology, internet, early-stage and growth-stage companies.
- Notable Investments: Facebook, Dropbox, Flipkart, Slack.
- Dalmia Family Trust
- Details: The Dalmia Family Trust is a private investment trust of the Dalmia family, known for their business interests in various sectors. The trust focuses on diversified investments across multiple sectors.
- Investment Focus Areas: Diversified investments across multiple sectors.
- Notable Investments: Specific notable investments are not mentioned.
What's Next for Onsitego?
Onsitego is poised to capitalize on the burgeoning Indian appliances and consumer electronics market, which is one of the fastest-growing globally. The company aims to consolidate its market position by enhancing its consumer offerings, including annual maintenance contracts, home protection, and on-demand services. This expansion into new business lines and markets presents a significant growth opportunity.
Future fundraising appears promising, especially with the involvement of the International Finance Corporation, which brings valuable global expertise. The successful extension of the Series B round to $30 million indicates strong investor confidence, potentially paving the way for additional funding rounds to support Onsitego's ambitious growth plans.
However, Onsitego may face challenges such as competition from other after-sales service providers and maintaining high-quality service standards while scaling operations. The fragmented nature of the after-sales service industry in India, with issues like lack of transparency and time-bound service delivery, also poses potential hurdles. Nonetheless, Onsitego's strategic partnerships and robust service network position it well to navigate these challenges.
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