Sequoia leads Rs 118 crore Series C round in OneAssist

Mumbai-based consumer solutions startup, OneAssist, which provides protection services to consumers in gadgets, wallet and payments cards, has raised Rs 118 crore in its series C round led by Sequoia Capital India.

The deal also witnessed participation from Lightspeed Venture Partners, UK-based Moonstone Investments and New York-based insurance provider Assurant, the company said in a statement.

Total corpus post series C round, crossed $30 million, its series B round of $7.5 million was raised two years back which was led by Assurant. OneAssist raised latest round on pre-money valuation of Rs 354 crores ($55 million).

The firm will use the investment raised in technology for its services arm, services and building new partnerships, confirmed Gagan Maini, Co-founder of OneAssist. It is also planing to expand in new catogeries.

“We have just forayed into the home appliances and electronics segment and that’s where we will focus our efforts,” said Maini.

OneAssist not only provide protection services, it also offers mobile repair services for electronic gadgets like Mobile, Laptop and tablets. The firm also works with mobile retailers and original equipment makers such as Xiaomi for the MobileAssist service

The company has partnered with, HDFC bank, ICICI bank, MakeMyTrip, TheMobileStore, Spice, Xiaomi, Indusind Bank. The company aspires to expand its service arm in home appliances category as of now it provides warrantee services only.

In FY 2016 OneAssist saw its revenue surge upto 188% annually to Rs 40.7 crore, even as losses surged 25% to Rs 18.1 crore. The startup is expecting 2X growth in revenue by 2018 through the sales.