Mumbai, NFAPost: Onsitego, India’s leading after-sales services firm, raised $19 million led by Zodius Growth Fund with participation from existing investors, Accel Partners.
The investment will be utilized for consolidating its market position in the device protection market and expanding into AMC, home protection and on-demand services. Avendus Capital was the exclusive financial advisor to Onsitego on this transaction.
Onsitego is transforming the ownership experience of consumer devices and appliances by delivering consistent and predictable post-purchase services through a network of brand authorized service centers throughout the country.
The current after-sales ecosystem is fragmented and has high friction owing to multiple touchpoints, with problems of accessibility, quality, and transparency. Onsitego solves for these inherent gaps in the market with its standardized offerings, backed by a technology platform that drives differentiated customer experience.
The company provides extended warranty, annual maintenance contracts and damage protection plans for devices and appliances in partnership with India’s top retailers, marketplaces and consumer finance companies. It has served more than 6 million customers in India.
Commenting on the new funding, Onsitego Founder and CEO Kunal Mahipal said the company has been growing consistently at a high rate and will continue to maintain growth momentum with the launch of new products, partnerships, and business lines.
“Customer satisfaction and loyalty depend on post-purchase services offered by any company, whether it is a retailer or a brand. It is our mission to provide best-in-class services to the end customer. The Zodius investment is a validation of our vision and approach and we look forward to working with them to further build our business,” said Onsitego Founder and CEO Kunal Mahipal.
Onsitego Founder and CEO Kunal Mahipal also added that a large part of the new investment will go towards scaling our capabilities in home appliances, expanding distribution in general trade and developing capabilities for AMCs and on-demand services to cover all customer segments.
Expressing confidence in Onsitego’s capability, Avendus Capital Ptc Managing Director Shilpa Kulkarni commented that Kunal and his team have built a business that leverages technology to bring together a largely fragmented ecosystem.
“It helps in delivering a superior consumer experience. We are excited to be a part of Onsitego’s journey to bring new products and innovation to a nascent market while delivering customer delight,” said Avendus Capital Ptc Managing Director Shilpa Kulkarni.
Accel Partner Prayank Swaroop said Accel invested in Onsitego five years ago as an early investment and since then the company has grown exponentially, without burning any capital.
“This round is a testament to the strong customer franchise, unique business model, great team and superlative execution. I hope that the best-in-class customer service and new products like AMC which we have launched in the Indian market will wow our customers even more,” said Accel Partner Prayank Swaroop.
Avendus Capital Digital and Technology, and Investment Banking Director Varun Gupta said Onsitego is a great example of a fundamentally strong business built in a highly capital-efficient manner backed by superior execution.
“Onsitego is transforming the customer’s ownership experience of devices and appliances by leveraging its proprietary technology platform, direct integrations with distribution and service partners and razor-sharp focus on customer service. The organization is well-positioned to create an impact in India and globally,” said Avendus Capital Digital and Technology, and Investment Banking Director Varun Gupta.