After-sales service firm Onsitego on Monday said it has raised $19 million led by Zodius Growth Fund with participation from existing investor, Accel Partners.
The fund will be used to pivot to a more business-to-consumer model and expand distribution to general trade retailers, Kunal Mahipal, founder and CEO, Onsitego, told Mint.
The startup also plans to consolidate its position in the device protection market, and expand to Annual Maintenance Contract (AMC), home protection and on-demand services, added Mahipal.
Onsitego offers post-purchase services through a network of brand authorised service centres throughout the country. It provides brand warranty and installation services, device protection and on-demand services for all electronic products in partnership with India’s top retailers like Chroma and Vijay Sales, marketplaces and consumer finance companies. It has served more than 6 million customers in India, the company said.
Founded by Mahipal, an IIM Bangalore alumnus, in 2010, Onsitego aims to plug the gaps in the fragmented after-sales ecosystem due to problems of accessibility, quality and transparency, by leveraging its technology platform.
Onsitego’s Series B round would be extended in the next two-three months to accommodate other new investors, Mahipal said. While the company remains India-focused, future plans will include expanding to South Asia.
Prayank Swaroop, partner, Accel said, “We invested in Onsitego five years ago as an early investment. The company has grown exponentially since then, without burning any capital. This round is a testament to the strong customer franchise, unique business model, great team and superlative execution. I hope the best-in-class customer service and new products like AMC which we have launched in the India market will wow our customers even more.”
Source: Livemint
