22nd September 2020 | Mumbai | Investment Banking
Onsitego, India’s leading after-sales services firm, raised capital from IFC in an extension to its Series B investment round to USD 30 million. The first tranche of the round was closed in February 2020, led by Zodius with participation from existing backer, Accel Partners. The funding will be utilized for consolidating its market position in the after-sales services industry, and strengthening its B2C offerings like AMC, home protection and on-demand services.
Avendus Capital was the exclusive financial advisor to Onsitego on this transaction.
The high friction and fragmented after-sales services industry in India is replete with quality issues like lack of transparent, authentic and timebound service delivery. Onsitego 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. Onsitego differentiates itself in the market with its razor-sharp focus on customer service by leveraging a pan-India network of brand-authorized service centers, proprietary technology platform and direct integrations with distribution and service partners.
Kunal Mahipal, Founder and CEO, Onsitego said, “We are extremely excited to bring IFC on our cap table, which is well aligned with our DNA of providing best-in-class service to our customers. 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.”
Jun Zhang, Country – Head India at IFC said, “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.” He further added, “We look forward to supporting Onsitego in its growth journey by sharing our experience from emerging markets in disruptive technology and Fintech.”
Varun Gupta, Director, Digital and Technology Investment Banking at Avendus Capital said, “Built on the back of phenomenal execution in a highly capital efficient manner, Onsitego is disrupting the post-purchase experience of customers, brands, retailers and consumer finance companies alike. IFC’s investment in the Company will further support product and distribution expansion. We are proud to partner with Kunal in this journey.”
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