Mumbai-based Onsitego that offers extended warranty and device protection services to consumer durables on Monday (17 February) raised $19 million in a Series B round led by Bandra, Mumbai-based Zodius Growth Fund, with participation from the existing investor Accel, US.
Founded in 2010 by IIM-Bangalore alumnus Kunal Mahipal, Onsitego last raised $2 million in 2015 from Accel.
Affirming the potential of Onsitego, Shilpa Kulkarni, Managing Director of Zodius told the Economic Times…
“Onsitego is leveraging technology in a very efficient manner, not only in terms of data for the underwriting of warranties, but also their after-sales service that is provided to consumers. That process is broken, not only in India, but also globally…Moreover, the business has been built in a highly capital-efficient manner,”
Shilpa also said that the Series B round for Onsitego can be extended to onboard more investors.
Sharing the growth strategy of Onsitego through fresh funds, Kunal Mahipal, CEO of Onsitego said that the company is aiming to expand its involvement in the customer lifecycle by offering annual maintenance contracts and a home warranty product that exhibits multiple consumer durables.
“In the extended warranties business, we are still a very small part of the customer’s lifecycle as far as ownership experience is concerned. With this capital, we intend to go into the entire lifecycle of the customer…The strategy for this is largely micro-market based,”
Founded in 2011, Zodius capital focuses on investing in Indian business engaged in big data and analytics, digital media and commerce, and education. The company through its Zodius Technology Fund and Zodius Technologies Opportunities has invested over $140 million in various companies including PepperFry, BigBasket and FreshMenu, among others.