Total amount raised
$28.5 Millions
Latest funding date
09/01/2020
Location
Onsitego has successfully raised funds through a Series B round, with notable investors such as International Finance Corporation and Accel. The company offers a range of services including Extended Warranty, Damage Protection, and On-Demand Repair Services for electronic devices and home appliances.
Keep reading to explore the intricacies of Onsitego's fundraising journey and the investors backing this innovative platform.
What Is Onsitego?
Onsitego, founded in August 2010 by Kunal Mahipal, is a leading device-care provider based in Mumbai, Maharashtra, India. The company operates in various industries, including consumer electronics, customer service, and insurtech.
With an employee count ranging from 1001 to 5000, Onsitego offers services such as Extended Warranty, Damage Protection, AMC Plans, and On-Demand Repair Services. The company is known for its high Net Promoter Score (NPS) in after-sales services and award-winning customer service.
How Much Funding Has Onsitego Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: March 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial service offerings.
- Series A
- Amount Raised: Not publicly disclosed
- Date: January 2015
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand service offerings and scale operations.
- Series B
- Amount Raised: $19M
- Date: February 2020
- Lead Investors: Zodius Capital, Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To consolidate market position and enhance consumer offerings.
- Series B Extension
- Amount Raised: ₹700M (approximately $10M)
- Date: September 2020
- Lead Investors: International Finance Corporation
- Valuation at Round: ₹765 crore (approximately $104M)
- Motivation Behind the Round: To strengthen B2C offerings and expand new business lines.
Total Amount Raised: $29M
Current Valuation: ₹765 crore (approximately $104M)
Key Investors
- International Finance Corporation (IFC)
- Details: IFC is a member of the World Bank Group, focusing on private sector development in developing countries. It provides investment and advisory services to encourage private sector growth.
- Investment Focus Areas: Fintech, infrastructure, consumer services
- Notable Investments: Flipkart, Byju's, Swiggy
- Zodius Capital
- Details: Zodius Capital is a growth capital firm that invests in high-growth, technology-driven businesses. The firm focuses on sectors that are poised for significant growth.
- Investment Focus Areas: Digital media, enterprise software, consumer services
- Notable Investments: BigBasket, Pepperfry, OfBusiness
- Accel Partners
- Details: Accel Partners is a global venture capital firm that invests in early-stage and growth-stage technology companies. The firm has a strong track record of backing successful startups.
- Investment Focus Areas: Consumer internet, software, mobile technology
- Notable Investments: Facebook, Dropbox, Slack
- Dalmia Family Trust
- Details: The Dalmia Family Trust is a private family trust that invests in various sectors, including technology and consumer services. The trust aims to support high-potential businesses.
- Investment Focus Areas: Technology, consumer services
- Notable Investments: Not publicly disclosed
What's Next for Onsitego?
Onsitego stands at the cusp of significant growth opportunities, driven by the burgeoning Indian appliances and consumer electronics market. The company aims to consolidate its market position by expanding its consumer offerings, including annual maintenance contracts, home protection, and on-demand services. Leveraging a pan-India network of brand-authorized service centers and partnerships with major retailers, Onsitego is well-positioned to address the fragmented nature of the after-sales service industry.
Future fundraising opportunities appear 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, paving the way for potential future investments. However, Onsitego may face challenges such as maintaining high service quality across numerous service centers and competing with other well-funded players in the market.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay’s platform to access comprehensive fundraising data on companies like Onsitego and gather other critical business insights.
Sign up for free to start unlocking valuable information that can drive your sales success.
